Speed of an object represents the distance that is traveled by an object per unit of time. It is the same as the velocity with the only difference is that speed does not have direction. It is a scalar quantity which only has magnitude. From the definition itself, time has a large effect on the speed of the object moving. It is inversely proportional to the speed. So, when time increases, the speed would decrease meaning there is a shorter distance traveled with a certain period of time. Also, when time is decreased, the speed would increase which means that the object traveled more distance at a certain period of time.