Project management refers to the skill of organizing mechanisms of a scheme. This art of categorization can apply in starting of a novel service, in expansion of a new produce as well as in promotion of campaign (Albert, 2004). Normally, a project is not part of a business operation but rather it is shaped once and it is precise as well as impermanent. The project is characterized by; containing a beginning as well as an end, having financial support confines and also using resources in terms of time, money or materials. In a business industry whatever project undertaken pursues a similar kind of model that involves  1. Defining the project- this is where the project director describes the kind of a scheme it is as well as the aims of the users in embarking on the type of project. The manager ought to be well equipped with the project so as to give a clear picture of what is expected by those undertaking the project that is, being in a position to list the explicit set of actions (Bernhard, 2000).  2. Planning the project- this is a phase whereby the supervisor records all the tasks, the duration each activity is expected to take as well as how the activities are associated. This is also the stage where the manager ought to define clearly the time needed for every activity, the number of people that will be involved in the project, the expenses of the project as well as extra necessities needed to complete the project. Schedules and budgets are also some of the crucial factors that the supervisor put into consideration for a successful project.  3. Executing the project- at this level the director is conversant with all that is needed for the project that is, the number of resources as well as the amount of budget he will work with to the completion of the project.  4. Directing the project – this is the stage where the director takes the charge of informing on the scheme strategies with an aim of revealing the definite duration that have elapsed for every task (Bjarne, 2007).  5. End of project- this is the point where the executive and the owner of the business draw together those who have interest in the end results of the business and the team to scrutinize the final results of the project. In each and every project management, there are three factors that are very crucial and are normally referred to as the components of a project management. These comprise of; the scope, time as well as money (Dennis, 2010). In a management scheme the three components are related to each other and a reduction in either of them will end up in an impact on the rest. In business industry, time is one of the major factors that determine the outcomes of the business. This therefore calls for proper management of time so as to ensure success of the project or the business itself. The business ought to have a time conscious committee to ensure that the set tasks are accomplished within the scheduled time (Kerzner, 2003). In a project, time is a major determinant of the various tasks a given industry can accomplish over a given duration and the number is dependent on the ability of the committee concerned with time management being in apposition to plan and ensuring that the set time for particular activities is not wasted. Time management