Industrial Engineering and Production Management
The assumption in PERT is

Cost of project will always be more than the estimated cost, if no timely corrections are taken
A project can be subdivided into a set of predictable, independent activities
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
Activity slack or float of any event on a PERT/CPM chart is represented by

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

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