Thanks for the response, gurpree.
This won't be my first time taking the GMAT. I am trying to improve to a 600+ after scoring in the low 500's the first time.
I'm well aware that some problems do require more than 2 minutes.
What I'm saying though is that most questions, especially around 600 level, can be solved in 2:30 or less. If I'm not at least close to an answer by 1:45-2:00, then I know I am probably not utilizing my time on a given problem properly. In other words, there is likely a quicker way to reach an answer.
For me to know that I have mastered a concept/problem, I feel I need to be reaching the answer by the path of least resistance. I don't consider a concept mastered simply by reaching the correct answer. I consider it mastered when I am able to reach the answer with as little work as possible.