mountain crusher replied: "The watch pictured does not have a tachymeter. The bezel dial is used as a count down timer. You would rotate the dial to the desired number of minutes past the current time, and when the minute hand gets to the 0 (12) position, time is up.
A tachymeter calculates speed over a unit of distance. The link posted above in Mark G's answer does a nice job of describing how it works.
As a semi-interesting aside, diver's watches w/ rotating bezels contain a ratchet as a safety feature, allowing rotation in one direction only. If the bezel is bumped while diving, it shortens the time, thereby preventing the diver from believing he has more time (air supply) left than he really does."