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

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

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Industrial Engineering and Production Management
Pessimistic time is

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
The average time required for a job

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