Statement I & IV: True
The critical path is the sequence of critical activities that represents the longest path through a project, which determines the shortest possible project duration, if any one activity on critical path delays, it will impact the project completion date.
The sum of the duration of the critical activities along a critical path gives the duration of the Project and it is the maximum duration allowed to complete the project.
Statement II & III: True
Float is the time by which starting or finishing of an activity can be delayed without affecting the schedule completion period of a project. Critical events are events having float is equal to zero i.e. their occurrence in delay can cause delay in completion of project.
Slack and float are same in meaning. The only difference is that slack is defined for an event and float is defined for an activity.
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