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Why and when is it important to have the exact time? A good answer to that is stated by The National Institute of Standards and Technology (NIST), US;

"Precise time synchronization has many uses in everyday life. Synchronization between two or more locations is necessary for high speed communication systems, synchronizing television feeds, calculating bank transfers, and transmitting everything from email to sonar signals in a submarine. Power companies use precise time to regulate power system grids and reduce power losses. Radio and television stations require both precise time-of-day and frequency in order to broadcast programs.

Hard real-time requirements, on the other hand, demand not only efficiency but the ability to predict how long each computation will take in advance ; in this case a missed deadline may be life threatening. If a microprocessor-controlled heart pacemaker takes a few seconds longer than expected to initiate treatment the consequences can be disastrous. This leads us to the major precept of real-time computing.
Predictability is more important than performance!"
Original text for above article is found here

Understanding the importance of Real Time Software within business, is critical not only for the developer but also for the customer. How about you? Have you got the time?....Really?

"What is real-time computing ? In short, any situation where the time at which a result is produced is as important as the result itself. Producing the right answer too late is as bad as producing the wrong answer or no answer at all! Avionics, robotics and process control are all examples of real-time computing applications. Of course, 'time' has been an issue in computer science since the days of punched cards and paper tape. Everyone has always wanted their program to run `fast'. But general performance goals are soft timing requirements only; a missed deadline is usually not serious. If an airline reservation system takes a few seconds longer than average to make a booking the only consequence may be a disgruntled passenger.

Precise time measurements are also essential for accurate navigation and the support of communications on earth and in space. Scientific organizations such as NASA depend on reliable and consistent time measurement for projects such as interplanetary space travel. Fractional disparities in times between a space probe and tracking stations on Earth can dramatically affect the positions of spacecraft. Precise time measurements are also essential to radio navigation systems like the Global Positioning System (GPS). By synchronizing the satellite clocks within nanoseconds of each other, it makes it possible for a receiver to know its position on earth within a few meters."

So what about the "smaller" companies, dealing with "the average" product? Do they need to know the Real Time?