Industrial Engineering and Production Management
The assumption in PERT is

A project will always be behind schedule, if left uncorrected
Cost of project will always be more than the estimated cost, if no timely corrections are taken
Activities are fixed and can't be changed
A project can be subdivided into a set of predictable, independent activities

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Industrial Engineering and Production Management
The critical path of a network represents

Maximum cost required for completion of project
The minimum time required for completion of project
Minimum cost required for completion of project
The maximum time required for completion of project

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