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In the video tutorial on the seven Habits of Highly Effective People, Stephen Covey introduces the four quadrants weekly plan as a powerful method for time management. By asking whether a task is important and urgent, individuals can clearly define their priorities. This concept ties into Habit #3, "put first things first," which emphasizes focusing on tasks that are both important and urgent, such as exams, business meetings, emergencies, and deadlines. Spending too much time in this quadrant can lead to consistent stress. Conversely, tasks that are urgent but not important can be delegated or postponed. Prioritizing tasks based on their importance and urgency helps individuals effectively manage their time and tasks.