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

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

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

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

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