How Do You Define Time Management?

What does time management mean to you?

Marginal Revolution's got a series of definitions, starting with this sentence:

All people are equally good at time management, but some people are more willing than others to admit that they are doing what they want to do, while others maintain the illusion they wish they were doing something else.
But doing what you want to do at any given moment isn't time management; it's simply passing the time (in a productive way, perhaps, but still passing time.).

Time management implies an element of control and planning, a sense that you're standing back and looking at everything you have to do over a certain period, prioritising and re-shuffling tasks to get the best results for you personally. Yes, that is 'doing what you want' at any given time, but it may also involve doing what other people want -- or is that just 'bad time management'?Actually, maybe that definition's spot on...

Here are a couple of other views to mull over:
Mikko: Time management is about changing yourself and becoming the kind of person that will do the things in future that you believe he should be doing rather than doing the kinds of things you know you would be doing at the time.
Michael Foody: I disagree strongly. Humans are creatures of habit. Many people, myself included, spend time on things that they have done, not on things that they like.
What do you think -- how would you define time management? And do you think there's such a thing as "time wasted"