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In "The 7 Habits of Highly Effective People," Stephen Covey presents a method to manage time effectively through the four quadrants weekly plan. By asking if tasks are important and urgent, you can define priorities and avoid stress. Tasks like exams, business meetings, crises, and emergencies require immediate attention. However, tasks like missing a meeting or an unimportant phone call can be delegated or postponed. Prioritizing tasks based on importance and urgency is key to effective time management.