So, time management is in part a large mechanic to the persona games, and the reason why this mostly works so well is that usually there are always different things competing for your attention.
This was one of the most important refinements from persona 3 to 4 though.
Currently, the FES version of the game gives you these options
Class (sometimes): Sleep to improve condition or remain awake to improve charm/academics
Afternoon- Social links/social stats (charm/courage/academics) and shrine offerings
Night: Tartrus, social stats (barring academics)
If no tartrus - Late Night - Study, sleep improve condition.
Now, the issue here is that most of these choices are pretty obvious, unless you know you'll be fighting a guardian shadow or just want great status (or tired), late night and class are simple answers. Afternoon you almost always want social links, and if you aren't going on dungeon crawl of course you study.
So most of these are 50/50 splits that usually are obvious based on context.
Admittedly Persona 4 isn't filled with large choices either, but they change one important bit which makes things much tougher.
They move the dungeon crawls to the afternoon, and dungeon crawling prevents you from doing most evening activities. This makes your decision process much harder than Persona 3's.
