Time is one of the most precious assets of life which helps a human to lay the foundation of success. The difference in the ability to utilize time defines the underlying impact between the success and failures of individuals. This is where time management comes into the picture given its immense importance. It is often defined as the practice of managing work and daily tasks in an effective manner. When a person starts practicing the art of time management his tasks become more organized and punctual. The value of time management has been well established and accepted by everyone across the globe ever since human civilizations started. The advantageous benefits of time management have motivated people to adopt time management as a part of their daily routine. This is why managing time well has become a prerequisite for everyone especially in the prevailing competitive times. Time management is vital for everyone from students to CEOs and even political leaders to do well in their lives. Few of the common reasons for why people experience failure include lack of time management skills that is the inability to plan a task and absence of punctuality. These point out that most of the reasons are related to mismanagement of time in the personal as well as professional lives of people. It is a widely known fact that efficient managers of time minimize their chances of defeats in the pursuit of life. Those who do not value time enough are more likely to fail repeatedly. To substantiate the fact losing time can be so much similar to losing a lifetime opportunity here is an example of a true incident. Kay Whitmore the CEO of Kodak fell asleep during a meeting with Bill Gates where discussions were taking place to integrate Kodak products and Windows.