Industrial Engineering and Production Management
Pessimistic time is

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

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

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

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