Industrial Engineering and Production Management
Slack represents the difference between the

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

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Industrial Engineering and Production Management
The basic difference between PERT and CPM is that

Guessed times are used in PERT and evaluated times in CPM
Costs are considered on CPM only and not in PERT
PERT deals with events and CPM with activities
Critical path is determined in PERT only

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