Increase Android Emulator Timeout time

I have seen that my Android IDE LogCat console keeps throwing the below-stated error message, sometimes when I try to run the app on Emulator (especially one that's running Android Lollipop version 5.1 API 22), the Uploading stage takes a bit of more time and thus Launch canceled! error, when I try again sometimes it works sometimes it doesn't,

[2015-05-19 18:39:32 - example] Android Launch!
[2015-05-19 18:39:32 - example] adb is running normally.
[2015-05-19 18:39:32 - example] Performing com.example.example.CreateQuizActivity activity launch
[2015-05-19 18:39:32 - example] Uploading Example.apk onto device 'emulator-5554'
[2015-05-19 18:39:41 - Quizziuq] Failed to install Example.apk on device 'emulator-5554': timeout
[2015-05-19 18:39:41 - example] Launch canceled!

To resolve this issue you gotta increase the Timeout time value set in for ADB. This can be done by,

1. Go to Window -> Preferences (if you are using Windows OS) or Eclipse -> Preferences (if you are using Mac OS X) or Android Studio -> Preferences (if you are using Mac OS X)
2. Now go to Android tab,
3. Select DDMS under Android.
4. You would see ADB connection time out (ms): 5000.
5. Change the value from 5000 to say 15000 or more.
6. Click on Apply.
7. Click on OK.
8. Now try running the App again on Emulator.