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Stephen Covey teaches the four quadrants weekly plan to manage tasks on a weekly basis by defining priorities based on importance and urgency. Task management is related to habit number three, "put first things first." Tasks like exams, meetings, crises, and emergencies are important and urgent, requiring immediate attention to avoid stress. However, tasks like missed meetings, unimportant emails, and favors for others are urgent but not necessarily important. It is important to prioritize tasks effectively to avoid constant stress and focus on what truly matters.