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

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

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

Depreciation value of a product
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

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