We show that all the problems solvable by a nondeterministic machine with logarithmic work space (NLOGSPACE) can be solved in real time by a parallel machine, no matter how tight the real-time constraints are. We also show that, once real-time constraints are dropped, several other real-time problems are in effect solvable in nondeterministic logarithmic space. Therefore, we conjecture that NLOGSPACE contains exactly all the computations that admit efficient (poly(n) processors) real-time parallel implementations. The issue of real-time optimization problems over independence systems is also investigated. We identify the class of such problems that are solvable in real time. Finally, we address the problem of obtaining approximate real-time...