As a renowned Project Management Consultant, discuss the characteristics/attributes that define a project and highlight the factors that should be considered when choosing a project selection model that has a critical impact on cost and time. 

 You have been hired as a Project Management Consultant to discuss on the processes that are critical to enable manage costs effectively in this context prepare a presentation to the ZYX Company Executive team how they can undertake the process. 

In today's Project Management, Time Management process are a critical phenomenon In view of this, discuss, the Time Management processes that will make project implementation a success.