The above statement could be interpreted & used in different ways...for example, it can be understood as & used to describe appropriateness of words & actions. Certain things said / done, may normally be acceptable as jest - however, not always is jest acceptable and thus not always appropriate. This highlights that there is a time & place for every action and every spoken word.
Another interpretation of this is applied at God's will & timing. "There is a time & place for everything" - would mean, God knows when & where should things happen. It is His will, which decides actions & their results...not human will. More than that - this interpretation is essentially to cover human inability to comprehend God's will & sense of timing.
I have seen both - have been inappropriate on more occasions that I would want to remember and have understood God's will & sense of timings (though only in hindsight).
We all have the capability to analyse our life in hindsight. To pick any part of our past and see what happened, what we did, what others did...how were we responsible and how others contributed to our life (directly or indirectly). Within all this, we can also see when we were pained, the low-phases of our lives and how we questioned God - "why me?".
Over the years, it has been my understanding that incidents, people, words that caused me pain - have happened for a purpose, to serve me in good stead in the future, to teach me a lesson I needed to learn or couldn't learn in any other way.
This is not only true for pain or negatives alone - it is true for music, books, experiences, travel, friendships, success - essentially, nothing happens before it is supposed to. We take a change of interest in music / books as sign of maturity - I now realise it is designated-time bound and not age or maturity bound. Some people may start reading spiritual word and following it from an early age, while some may die old without ever giving any importance to spiritual word. Some may listen to loud music as kids and grow on to listening to softer music later...while some could prefer one form of music all through.
People may choose to look at "time & place for everything" concept in any manner - I believe it is all about appropriateness. Human society has probably managed to lay down acceptable & appropriate laws, but it is definitely nowhere near understanding appropriateness of God's will to unfold and His sense of timing.
I am writing this post, sitting in vast & open spaces of a secluded & quaint cottage in Ramgarh. It has been many years since I have been to such a quiet place, where I could almost hear myself think. The clear blue sky during day time changed to a star-studded cover in the night. Sitting and looking at the night-sky, seeing thousands of stars shimmering - one can get one of two emotions: either pure bliss at the natural marvel and the fact that he / she is taking a break from big-city lifestyle...or, a big hit on how one sees his life and his problems - this is the feeling of becoming insignificant when compared with magnitude of universal plan.
The latter thought is a big jump - but a significant one...if I am insignificant, then my problems are even more insignificant. I think this line of thought helps put things in perspective and clear a lot of cobwebs. This helps further in seeing the validity of time & place concept...all of this to get some peace.