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The Eisenhower Matrix is a popular time management model based on importance and urgency. Tasks are categorized into four quadrants: important and urgent, urgent but not important, important but not urgent, and neither important nor urgent. Tasks in each quadrant determine the action to take: do important and urgent tasks immediately, delegate urgent but not important tasks, schedule important but not urgent tasks, and ignore tasks that are neither important nor urgent. This model helps prioritize tasks effectively.