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 will always be behind schedule, if left uncorrected
A project can be subdivided into a set of predictable, independent activities
Activities are fixed and can't be changed

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Industrial Engineering and Production Management
The process capability of a machine is defined as the capability of the machine to

Produces a definite volume of work per minute
Perform definite number of operations
Holds a definite spectrum of tolerance and surface finish
Produce job at a definite spectrum of speed

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