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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Industrial Engineering and Production Management
Pessimistic time is

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

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Industrial Engineering and Production Management
In queuing theory, the nature of the waiting situation can be studied and analysed mathematically if

Complete details of items in, waiting line are known
The laws governing arrivals, service times, and the order in which the arriving units are taken into source are known
All variables and constants are known and form a linear equation
Arrival and waiting times are known and can be grouped to form a waiting line model

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