Industrial Engineering and Production Management
The process capability of a machine is defined as the capability of the machine to

Produce job at a definite spectrum of speed
Holds a definite spectrum of tolerance and surface finish
Produces a definite volume of work per minute
Perform definite number of operations

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

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