I am using a timer in my code. Status bar updates in tick event on clicking respective button for the time inteval mentioned in properties say one second. Now i want to use the same timer for a different time interval say two seconds for a different oepration. How to achieve that?
Create a second timer. There is nothing to gain from hacking the first timer.
As @Henk noted, Timers are not that expensive. (Especially not compared to fixing hard to maintain code!)
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