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BMGT 583: Exam 2 Review Questions Define a project. What is precedence relationship in a project. What is a critical path. Why is knowing the critical path in a project important? What is Activity slack? How is it computed? Explain crashing. Name the three times estimates used in a PERT project. Explain each of them. Define each of the terms peak capacity, and effective capacity. State and explain the principal reasons why economies of scale can occur when output increases. What are the steps involved in making capacity decisions? What is the meaning of diseconomies of scale, and what