Industrial Engineering and Production Management
Value engineering aims at finding out the

Resale value of a product
Break-even point when machine requires change
Major function of the item and accomplishing the same at least cost without change in quality
Depreciation value of a product

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Industrial Engineering and Production Management
The assumption in PERT is

A project can be subdivided into a set of predictable, independent activities
Activities are fixed and can't be changed
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

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