nay (in my opinion)...
The time plan is used to set out the entire time period that your project runs. It should include goals, what you actually did and when you plan to do other things in future. There are many ways of setting it out, whether you include the school week, dates, times, whatever suits you and is able to show your learning type.
Then the action plan is showing what you actually did. This should show the developement of the project.
So for example: In my time plan I wrote that I wanted to start production of my wooden part of my project at the end of Term 1. But I only started that part during week 2, term 2. So I drew an arrow showing when it actually started. Meanwhile on my action plan, I explained why I hadn't started and for what what reasons.
You should also make each of the plans, in fact all your plan easily understandable, and perhaps even colour coded or whatever makes it easy for you and for the markers to understand. As well, you should evaluate all the plans once you have done them.
I feel like a teacher here... oh well, but i hope that helps.. Well, at least that's how I am doing my plans!