Correct Answer - Option 1 : duration
An activity is an actual performance of the task which requires both time and cost resources for its completion. Ex: Excavation, casting of beam and erection of turbines are some activities. The estimated time required to complete an activity is known as duration of an activity.
Characteristics of an activity in a network are:
1. An activity lies between two nodes. Number of nodes increase as the activity progresses.
2. Length of arrow has no significance in an activity.
3. An activity can start only when its tail event occurs.
4. An activity cannot occur more than once in the network.
Note:
Float is the time by which starting or finishing of an activity can be delayed without affecting the schedule completion period of a project.
If float = 0 i.e. Zero float, such events called critical events and these represent that project is on the schedule.
If float < 0 i.e. negative float, such events called supercritical events and these represent that project is already behind the schedule.
If float > 0 i.e. positive float, such events called subcritical events and these represent that project is ahead of the schedule.
