What is the importance of time management in project management?

I fully agree with all answers

Time management play a important role in project, if you don't utilize the time properly then you could not complete the project in time.

Time is one of the3 critical constraints in project management: Scope(Quality), Time and Cost.

Critical triangle constraints of PM can be represented as Scope(Quality) = Time x Cost

Time management will not help you to save time or efforts as much as it will assign the real time and efforts needed on every activity  but controlling and monitoring your project according to your time management plan will help you to keep your project within the allocated schedule,  Budget and Goals(quality) 

Time management is there to help you to control yourself away of errors. It will help you to keep control on the quality and cost as well. If time management processes are performed perfectly, it will serve in the cost plan and quality plan.

This has been always said, The margin for error is so small. One-half a step too late or too early and you dont quite make it. one half-second too fast, too slow and you dont quite catch it. As simple as it is!!!

Although we included all the reserves on the cost and time, Yet reserves should be allocated to what it was planned for only and not to cover issues from bad time management efforts.

Time management is the key of success in project management.

Accurate time estimation is a skill essential for good project management. It is important to get time estimates right for two main reasons:

1. Time estimates drive the setting of deadlines for delivery and planning of projects, and hence will impact on other peoples assessment of your reliability and competence as a project manager.
2. Time estimates often determine the pricing of contracts and hence the profitability of the contract/project in commercial terms.

This Project Time Management process will help you to:

1. Put in place a process for recording time within projects
2. Use Time sheets to monitor the time spent by staff
3. Identify and resolve time management issues
4. Keep your Project Plan up-to-date at all times
5. Identification of project resources and scope
6. Development of a project timeline
7. Deciding on project milestones
8. Determining the schedule of activities

If you don't manage time then you have to face LD (Liquidity Damages).

The value of money today is always higher than that of tomorrow. Ultimate aim of business in money.

In general, time is the most important commodity. Time management helps you finish more jobs with less effort. By allotting a certain amount of time for each activity, you do not have to worry about the next thing that you will do. With time management, you become more organized and the things you do become more habitual than panic-driven. By making it a habit, you become more productive. As Aristotle said, "We are what we repeatedly do. Excellence, then, is not an act, but a habit."

This same rule applies in all time sensitive issues, not just project management.