I'll just tell how it worked on the best team I ever worked on. Time was not managed at all. Show up for scheduled meetings (which are always between 11AM-4PM) and the rest is your call. Work from home, go golfing, whatever. Output was managed in the normal boring way. Estimates up front. Project schedule made. Daily 10-minute meeting for quick progress / problem reports. You tell the difference between normal project slippage and poor performance by paying attention. If one person was behind, we'd use a little light ribbing, e.g. calling them "the long tent pole" but we'd also have someone senior work with them one-on-one. If someone's output was chronically unsatisfactory and working with them didn't work, they're fired. If the whole team is behind, then that was probably just normal underestimation.