Usage patterns
タイムを計るto measure/time (a race, lap, etc.)
The coach timed it with a stopwatch.
タイムを取るto call a time-out
The coach immediately called a time-out.
タイムアップになるfor time to run out
Time ran out before I could solve the problem.
タイムを縮めるto improve one's time (run faster than before)
After a lot of practice, he shaved time off his 100-meter run.
タイムを更新するto set/break a new (best) time
She broke her own personal best time.