The aim of this thesis is to analyse project time management or in other words to analyse how to estimate the time necessary for carrying out a certain project and how to use the time more efficiently. Furthermore, the thesis also analyses how the project management deals with challenges when the project is late/beyond due date or when it is finished earlier than scheduled. Time management begins with determining the activities, prioritizing them and then planning the resources required for carrying out all the activities. The next step is to estimate the time necessary for finishing a certain activity - this is recorded in the time schedule which can be used at any point to check all the information relevant for carrying out a certain project. The final step with regards to time management is controlling the time schedule which is important for monitoring the status of the entire project and to change the schedule if required. A certain techniques are used in order to manage time more efficiently such as network diagram, CPM, PERT, Gant’s diagram and GERT. Poor time management and consequences it brings is described with few examples at the end of the thesis.