I have been always told that if you get proof failure one of the main reasons can be slack quenching.
In my opinion, this is false. At least, the "one of the main reasons" part. What I understand "slack quenching" to mean is "removal from the quench medium before the parts have fully cooled to the temperature of the quenching medium". While this may result in low yield strength, there are many cases where it does not (and it can be useful in prevention of cracking). Not only that, but there are many other reasons for low yield strength.
There are a lot of reasons, some mentioned above:
Low austenitizing temperature
Short austenitizing time
Surface condition of the material (ie, heavy forging scale)
Too large section
Poor quench agitation
Wrong quenchant (ie, slow oil when a fast oil should have been used)
Poor steel chemistry
Too large a quenching load
Too long delay after leaving austenitizing furnace before quenching
and many others...
The fact the UTS is within range but the Yield Strength is not
COULD suggest that inadequate transformation to martensite occurred during quenching, however, there are other reasons as well. But, even then, slack quenching is only one reason for inadequate transformation to martensite.
rp