Construction projects are characterized that exposed high risks so feel strongly necessity of actively risk management that manage the time of project. but recent generally time management tools are not satisfied sufficient supporting the risk identify and risk analysis. Therefore this study purposed development the time management model that in order to improve existing problem of time management model in construction project and developed model could perform practical risk management in construction field. The new time management model focused on the risk management will be able to conduct critical path management and risk critical path management simultaneously.