Who came up with time?

Babylonians were responsible for refining the accurate measurement and description of time, and probably for the 12 month, 24 hour day, 60 minute, 60 second standard. It is developed from astronomy - a year is (approximately) 12 moon cycles (mo(o)nths). 12 and 60 are useful numbers for quick calculation - 12 gives a whole number as an answer if it is divided by 2, 3, or 4 - so half a day, a third of a day or a quarter of a day are easily counted. 60 is 5 x 12, so dividing an hour into 60 minutes gives easily countable periods of time - 5 mins is one twentieth of an hour - quarter of an hour is 15 mins - etc.

Professor Threepwood's answer:
Contrary to popular belief time wasn't invented until the early 2000's when a young Latino chap asked an English gent "what time is it?".
The correct response apparently is "Chico time".