Timely means happening at the best possible moment.
Reference Definition by Aiche.org: Timely shall mean the following: the resolution or implementation of recommendations, action items, and other follow-up activities are promptly determined, performed, or conducted. This means that they are completed in a reasonable time period given the complexity of the actions or activities decided upon and their difficulty of implementation, and that the timing should be evaluated on a case-by-case basis.
Related Definitions in the Project: The Project Management