Time management is essentially the ability to organize and plan the time spent on activities in a day. The result of good time management is increased effectiveness and productivity. It is a key aspect of project management and involves skills such as planning, setting goals and prioritizing for a better performance. A lack of effective time management can have a negative impact on a project in the long run. Time is one of the three triple constraints and any deviation from the schedule has an effect on the cost and scope of a project.