Final answer:
Time management is maintaining control of your time to achieve goals based on priorities, encompassing daily planning, efficient communication handling, and work-life balance.
Step-by-step explanation:
The definition of time management is option 1: Keeping control of your time in a way that best enables you to achieve your goals according to your priorities. This concept is crucial because time is a finite resource; there are only twenty-four hours in a day. Effective time management involves setting priorities and deciding how to allocate your time to activities that will move you towards your goals. This includes daily planning, handling communications such as email efficiently, and ensuring a balance between work and personal life to protect your private time.