Time is a highly significant element in the complex process of educational change. It bears on all the components of innovative projects. It influences decisions to embark on a particular change model or a strategy. And ultimately time affects adoption decisions. But in spite of such significance, world-wide experience of introducing innovative programmes shows frequent occurrence of time underestimation. This study attempts to explain the reasons behind the phenomenon of time underestimation in educational change. In the context of the Iraqi educational system, it appears that there are a number of reasons behind time underestimation in planning and implementing innovations. These can be grouped under two categories: economic and non-economic. The former explains the underestimation of time as a deliberate effort made by people in order to reduce the apparent cost of a lengthy process. The latter interprets the phenomenon by organizational, structural, or psychological factors. These include incomplete and weak situational analysis prior to introducing innovative projects, lack of coordination pertaining to prevalent work modes, predominance of a top-down change model the outcome of which is the absence of a feeling of ownership, lack of skilled and well-trained personnel, lack of clear-cut objectives and distinct features of projects, lack of dependable criteria for estimating the cost of projects, fear of accountability on the part of both the planners and the implementing bodies, lack of systematic and well-timed evaluation, and lack of interest or poor motivation. Currently, economic considerations of time in the education sector are gaining ascendency. The opportunity cost of time makes a strong case for an efficient utilization pattern of behaviour pertaining to time. And it appears imperative to base time estimation primarily on the cost that this entails.