Slack, or float time, is essentially the extra time between how long you've allotted for the task and how long it will take to complete it. If you've allotted ten days for a task but you actually need only six days, you'll have four days of slack or float time, which you can use to your advantage.

While you want to have some time to play with, if your project is running late, you can use the slack in the schedule to pick up the pace of your project. You may find places where you can double up your resources. For example, if you can't start rehearsals of the community production of Death of a Salesman until Friday when the rehearsal space opens, you might have some of your cast double up on other activities, such as putting together the program, selling tickets, or building the set.

Unfortunately, slack time is often used to solve problems, resolve conflicts, and make changes brought about by external factors. From cleaning up the mess in your new office to spending a day calming two feuding relatives who can't plan a wedding together, you'll find your slack time disappearing quickly.