Step 1: Understanding Slack Time
Slack time (or float) is the amount of time an activity can be delayed without affecting the project's completion time. It is calculated as:
\[
\text{Slack} = \text{Latest Start Time} - \text{Earliest Start Time} = \text{Latest Finish Time} - \text{Earliest Finish Time}
\]
Step 2: Critical Path and Slack Time
- The critical path is the longest path in a project network diagram and determines the shortest project duration.
- Activities on the critical path must not be delayed, meaning their slack time is always zero.
- If slack time were greater than zero, it would indicate flexibility in scheduling, which is not the case for the critical path.