Time Overview
Time is measured in a variety of different ways, varying with what is necessary to the story and flow of the game. Within combat, time slows down as you count the short instances of time between a sword swing and a move across a room. Outside of combat, time exists in a more fluid fashion, where we can describe the passage of time in more fluid terms. The story is not described in perfect time, it tends to be more fluid.
Segments
Segments are the shortest measure of time, equivalent to a little longer than a second in real time. Segments are used to determine the length of actions within combat, such as swinging an axe, shooting a bow, casting a spell, or moving into a room. Segments can also be used to determine the duration of certain effects. There are 10 segments to a round.
Rounds
Rounds are also used to measure time in combat, especially in regards to powers and effects with a persistent duration. Each rounds represents about 10-15 seconds of real time, with 10 rounds taking a Moment. Certain powers and abilities always occur at the beginning or end of a round, while others simply have a once per round use limitation.
Moments
Moments are used outside of combat to represent a short passage of time equivalent to tasks that take "just a moment". A moment is fluid, generally taking 2-3 minutes. There are 5 Moments in a Phase. Most actions taken outside of combat take a moment. Additionally, there are 10 rounds in a moment. Combats also usually last for one moment (regardless of the actual number of rounds).
Phases
Phases are used outside of combat to represent a general passage of time while creatures are resting, searching, traveling, or similarly adventuring. A phase is meant to represent a very fluid amount of time, between about 10 and 15 minutes, with 5 phases in 1 hour (indicating an average of 12 minutes per phase). Certain powers and abilities will have a duration of 1 phase or longer, while certain abilities require a phase to complete, such as taking a Short Rest. A typical Social Encounter lasts for a phase.
Hours and Days
After Phases, time is typically described in terms of Hours or Days depending on the story and the character's situation. Certain Rituals and Skill require you to undertake hours of work to complete a task (see Extended Actions). Traveling can also take hours or days to complete, where not much of consequence occurs in throughout.
Tracking Time
Sometimes in the story it is necessary to track time. The precision used is based on the kind of action the story demands. Combat and other times where lives are at stake requires precise time tracking, Measured in segments and rounds. Outside of combat, when exploring a dangerous area, such as a dungeon, time is usually measured in Moments and Phases. You can assume any actions taken outside of combat, either take a negligible amount of time (such as using a power measured in segments), a moment (such as searching a wall, or picking a lock), or a phase (such as resting, or searching a room). The duration of most out-of-combat effects occur in phases. The GM can track moments mentally as the characters perform tasks. After a few moments have passed (5), the GM can then declare that a phase has passed and players can mark down the duration of spells and other abilities (if any). If the passage of time is important beyond durations (i.e. the party only has 3 hours to escape the dungeon before the vampires awaken), tokens can be used by the GM to track phases and hours. The point is to not track every action and second, but instead have a general idea of how long things are taking.