This thesis studies project time management, separating this proces to smaller, interdependent fractions. The time needed for project completion is analyzed at the example of Cultural center in Valpovo. Activities, their expenses and resources needed for the projcet completion, are based on project bill. Standard hour for each worker, for every activity, is taken from book of norms. Knowing the amount of work from the project bill, most likely duration is calculated for every activity. Most likely duration is also a basis for an optimistic and pessimistic estimate of an activity duration, and when these data are known, expected duration for each activity can be calculated. Using a Critical path method and Program evaluation and review technique method, network diagrams are made and most likely and expected duration of the project are defined. Also, for both critical paths, variance is calculated as the sum of variances along the critical path, and, based on that, standard deviation is also calculated. By knowing all those informations, and using calculated time needed for the project completion, and project deadline, probabilities for both critical paths are calculated.