Industrial Engineering and Production Management
Pessimistic time is

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

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Industrial Engineering and Production Management
Activity slack or float of any event on a PERT/CPM chart is represented by

Latest start time of succeeding event earliest finish time of preceding event activity time
Latest start time of the event earliest start time of the event
Anyone of the above
Latest finish time of event earliest finish time of the event

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