What is the significance of time slice in computer science and how does it impact the performance of multitasking operating systems?

In computer science, a time slice is a small unit of time allocated to each task in a multitasking operating system. It is significant because it allows the operating system to switch between tasks quickly, giving the illusion of simultaneous execution. This impacts performance by ensuring fair allocation of resources among tasks and preventing one task from monopolizing the CPU for an extended period.