"Time management" refers to a person's ability to use time effectively and with a plan, balancing work, family and personal priorities. It revolves around the fact that people have a limited number of waking hours to use each day. Removing distractions and focusing on priorities are hallmarks of time management.
Employers often include "time management" as a desired attribute of a potential employee. Companies want people who manage time well because they typically produce more than those who waste time. Prioritization is a major element of time management, because productive people usually focus time on the highest-impact projects and activities.