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what are critical activities and critical path and why are they important? Please give a practical example if available.

what are critical activities and critical path and why are they important? Please give a practical example if available.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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 what are critical activities and critical path and why are they important? Please give a practical example if available. 

One example can be like this, based on the university course schedule, it will take a student 7 academic semesters to finish all the required courses. Here the critical path(s) of the project for a bachelor degree will include some required courses. Some are the precedence (prerequisites) of others. Therefore, without any delay, the least time (earliest finish time) a student needs to obtain the bachelor degree is 7 semesters.

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