Do you use timeboxing to avoid wasted time?

Sometimes you can set a task or be given work that ends up taking much longer than expected. Timeboxing sets a time limit to a task, after which you must stop and move on. Timeboxing allows you to give more context to a task by showing how much time (and therefore money) you are willing to spend. This typically applies to:

• "Nice to Haves" - If it takes too long, don't worry about it
• Risky tasks - I'm not sure this will even work, if you can't figure it out, don't worry about it
• Unknowns - This could take 2 minutes or 2 days. If it takes too long don't worry about it