Industrial Engineering and Production Management
The basic difference between PERT and CPM is that

Critical path is determined in PERT only
Costs are considered on CPM only and not in PERT
Guessed times are used in PERT and evaluated times in CPM
PERT deals with events and CPM with activities

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Industrial Engineering and Production Management
The correct sequence of phases in value engineering is

Creative phase, information phase, investigation phase, evaluation phase
Investigation phase, information phase, creative phase, evaluation phase
Creative phase, investigation phase, evaluation phase, information phase
Information phase, creative phase, investigation phase, evaluation phase

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Industrial Engineering and Production Management
Pessimistic time is

The most probable time considering all conditions
The maximum time which an activity might require
The minimum time in which an activity can possibly be accomplished
The average time required for a job

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