The formula to calculate Slack Time (ST) is:
\[ ST = LST - EST \]
Where:
Slack time is defined as the maximum amount of time a project can be delayed and still be completed within schedule. Mathematically, slack time is equal to the latest possible start time minus the earliest possible start time. Any delay beyond the latest start time would result in project failure.
Let's consider an example:
Using the formula to calculate the Slack Time:
\[ ST = 10 - 6 = 4 \, \text{hours} \]
This demonstrates that with a latest possible start time of 10 hours and an earliest possible start time of 6 hours, the slack time would be 4 hours.