Industrial Engineering and Production Management
An optimum project schedule implies

Lowest possible cost and shortest possible time for project
To produce best results under given constraints
Optimum utilization of men, machines and materials
Timely execution of project

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Industrial Engineering and Production Management
The assumption in PERT is

Cost of project will always be more than the estimated cost, if no timely corrections are taken
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

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