You should use a time monitor when you need to check for a condition or take an action based on a date or a day and time. Time monitors allow you to specify a time and a frequency in which to run the monitor (once, weekly, or monthly) and then specify a scheduled date or day of the week. The scheduled date and day parameters are mutually exclusive. You can optionally schedule the relative day of the month (for example, the last day of a month or the second Tuesday of each month).
For example, you may want to define a monitor to run a usage report on the last day of each week or to print backup logs from a nightly backup.