Time management is the process of planning and controlling how much time you spend on specific activities to increase efficiency, reduce stress, and achieve goals. It involves setting priorities, creating schedules, and avoiding procrastination to ensure that tasks are completed on time and that there is a balance between work, personal life, and leisure. Developing this skill is crucial for academic success, career advancement, and overall well-being, as it helps individuals make the most of their limited and irreplaceable time.