Industrial Engineering and Production Management
Slack represents the difference between the

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

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Industrial Engineering and Production Management
Value engineering aims at finding out the

Resale value of a product
Major function of the item and accomplishing the same at least cost without change in quality
Break-even point when machine requires change
Depreciation value of a product

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