There's a useful description with examples here: 
http://www.ibm.com/support/knowledgecenter/SSLTBW_2.2.0/com.ibm.zos.v2r2.ieab500/iea3b5_JOB_and_EXEC_TIME_parameter.htm

I didn't know that about the EXEC of a PROC.

How it works must hark back to long ago. You booked your time to use on the 
machine...

If trying to limit the CPU of multiple-step JOBs, remember that programmers are 
cunning, and will immediately switch to single-step JOBs. (warning for the use 
of a rude word) https://xkcd.com/810/

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