When considering "Theories of Time Management," consider a couple questions: Exactly what is time management? Why should time management be an issue you should be concerned about?
Try to step aside -- ignore the numerous "trees" and get a view of the entire "forest." We're talking big picture here: How will your life improve if you learn to manage your time wisely -- as opposed to the details of exactly how you will accomplish the goal of learning to manage your time. There are many, many broad theories of time management, and from these broad theories, specific strategies emerge for using time productively.

Some people prefer to look at time as a non-renewable resource -- after it's gone, it's gone. Others think of time like money, and they create ways to budget their time. Still others divide blocks of time into different qualities of time -- this works well for people who know that they are more productive at certain times of the day. They schedule tasks that take more concentration and creativity for times when they know that they are the sharpest and reserve the more routine "busy work" for their down times. The bottom line is that the way we think about time can be a very personal thing. Examine different theories and try different strategies. Find out what works for you.

Two popular theories, the 80-20 rule and the theory of time quadrants, as defined by Stephen Covey are listed below.

The 80-20 Rule

 In 1895, Vilfredo Pareto, an Italian economist, noted that about 80% of the land in Italy was owned by about 20% of the people. As he examined his ideas of the "vital few" and the "trivial many", he noticed that this 80/20 rule was equally valid in other ways. (He even wrote that 80% of his peas were produced by 20% of the peapods.)
The idea, which is now called the Pareto principle, relates to time management because 20% of your work usually generates about 80% of your positive results. Pareto analysis is a formal technique used by statisticians to determine how to produce the most benefits with the least investment of time, energy and other resources.

The Pareto principle has been called the most helpful of all theories of time and life management. Theoretically, if you have a list of ten things to do, completing two of those activities will give you as much or more value than if you would have completed all eight of the other activities. (The trick is choosing the right two, and this ability to choose the important tasks is the key to success.)

Take a look at your "to do" lists. What 20% of your tasks could produce 80% of your results? Try to learn to spend your time and energy on the areas that can really make a difference while spending less time on activities that aren't as important.

Time Quadrants

Stephen Covey developed an excellent method of setting priorities by examining each task in terms of urgency and importance.
One simple and practical way to implement Covey's method is to write all your goals on index cards. Separate your cards on the basis of urgency. What absolutely needs to be done now, and what can wait? This should give you two piles of cards. Next, go through these two piles into items that are important and items that are not important. This should result in four piles of cards, representing four categories of goals: Urgent and important, urgent but not important, not urgent but important, and not urgent and not important.

Covey calls Quadrant 1 -- the urgent and important goals -- "the quadrant of necessity". These are things that you must get done, and you must get them done now such as crises at work or finishing up a school project on a deadline. Quadrant 3 is "the quadrant of deception." These are those things that are not important but urgent. Interruptions like phone calls and unimportant mail and email live in this space. Some meetings and activities also call quadrant 3 home. It is the quadrant of deception because the urgency of the activity sometimes makes us believe that it is also important. Quadrant 4 -- "the quadrant of waste" -- is the home of activities that are neither important or urgent such as watching endless television, and spending a lot of time on junk mail and chatting on the phone.

The most important quadrant is quadrant 2 -- "the quadrant of opportunity" -- where you categorize activities that are important but not urgent like planning, and exercise as well as recreation and relaxation. You also perform important tasks in this quadrant before they become urgent.