Industrial Engineering and Production Management
Pessimistic time is

The most probable time considering all conditions
The average time required for a job
The maximum time which an activity might require
The minimum time in which an activity can possibly be accomplished

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Industrial Engineering and Production Management
Slack represents the difference between the

Normal allowable time and the latest expected time
Latest allowable time and the earliest expected time
Latest allowable time and the normal expected time
Proposed allowable time and the earliest expected time

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