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We can priortize in a simple sequence of 1) most urgent 2) most important and 3) important as most urgent comes first as itself indicates urgent.
Obviously it is most urgent, as the name suggests because it requires immediate attention from the point of view of time. It may be an emergency situation requiring your immediate attention e.g. an accident, or meeting a deadline with little time left.
Then comes most important, which suggests that you need to be very thorough & accurate in doing this task & therefore it may take more time & effort. In relation to most urgent it is lower in priority.
Important suggests that the task has to be done, however compared to the above two, becomes priority 3.
It is imperative that "most important" is something that should be at the top of priority list. But the need of the hour is "most urgent" as its necessity requires utmost attention because it could be either a compelling situation such as crises or a deadline. So i will first prioritize "Most Urgent".