What do lead and lag time represent in a project plan?

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"Lead time represents the time you can plan an overlap between two tasks. For example, let's say you are building a house and you are hanging drywall on the inside of the house. Most other inside tasks are not feasible at that point because of the dust and mess that goes with drywall. However, you can schedule outside tasks such as painting, or landscaping during that time. Lead helps to reduce the overall project time by concurrently executing tasks.

Lag time represents the time you must wait in between tasks. An example of lag would occur when you rough in plumbing and then wait for the inspection and subsequent tasks such as drywall and flooring to be completed before you finish the remaining plumbing tasks like installing the fixtures.

Both concepts are important and necessary aspects of project planning that help project managers ensure that resource optimization rates are high and unnecessary delays are avoided."