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In program evaluation and review technique (PERT), the concept of lead time refers to the earliest point at which a successor event can commence after a prerequisite event has been completed. This term is critical in project management as it helps in understanding the sequencing of tasks and ensuring that project schedules are efficiently managed.

Lead time allows project managers to assess how soon the next phase of a project can start and is essential for planning tasks that can overlap. For instance, if one task finishes, the lead time indicates how quickly the next can evolve, facilitating better resource allocation and minimizing delays.

The other terms refer to different concepts in project management; for example, lag time indicates a delay between tasks rather than the startup point of succeeding tasks. Critical path represents the longest stretch of dependent activities and directly affects the project duration, while fast track might involve overlapping tasks to expedite project completion. These distinctions highlight the importance of understanding lead time accurately in the context of PERT and overall project scheduling.