Effective chip management in a tournament requires balancing aggression with caution based on your stack size. When holding a big stack, you should use it to pressure smaller stacks while avoiding reckless play that could jeopardize your lead. A medium stack demands strategic aggression, picking spots to build without risking too much. With a short stack, patience is key—waiting for strong hands to go all-in rather than bleeding chips slowly. Adjust your play style as the tournament progresses, tightening up near the bubble to secure payouts and loosening when necessary to stay competitive. Always be aware of blind levels and structure, as they impact the urgency of your decisions.