Because of increased pressure for educational improvement, school principals have assumed new roles and responsibilities in school administration. Thus, principals have to prioritize their job responsibilities and allocate their time accordingly. This study investigates the importance school principals assign to their various job responsibilities and the proportion of time they devote to carrying them out. The aim of the study was to discover discrepancies between principals' priorities and their realities, probe reasons for these differences, and identify steps and strategies principals can use to bring the two more into alignment. Results showed that many principals spend a large amount of time performing routine management-type activities, often unpredicted and of short duration, plus "putting out fires." Student interaction and discipline also take up much time, as do budgetary difficulties. Keeping up-to-date as a professional was commonly ranked as a low priority. Recommendations include good planning along with consulting faculty and staff members; prioritizing goals and making them specific; reviewing plans periodically; creating a more engaging, demanding, concept-based, and level-appropriate curriculum; maintaining good time and stress management; and maintaining a sense of humor. (Contains 30 references.) (RT)