Industrial Engineering and Production Management
A big advantage of PERT over Gantt charts is that in the former case

Activity times are clear
Early start and late finish of an activity are clearly marked
Interrelationship among activities is clearly shown
Activities and events are clearly shown

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

PERT deals with events and CPM with activities
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

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Industrial Engineering and Production Management
The assumption in PERT is

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