Industrial Engineering and Production Management
The assumption in PERT is

A project can be subdivided into a set of predictable, independent activities
Cost of project will always be more than the estimated cost, if no timely corrections are taken
A project will always be behind schedule, if left uncorrected
Activities are fixed and can't be changed

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Industrial Engineering and Production Management
Slack represents the difference between the

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

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