PERT (Program Evaluation and Review Technique) is a statistical tool developed in 1957 to help the US Navy manage complex projects with many subcontractors, like developing the Polaris submarine weapon system. PERT involves identifying activities, determining their sequence and time estimates, constructing a network diagram to visualize the plan, scheduling tasks based on the critical path of activities with no slack time, and updating the chart over the project lifecycle. It was one of the first project management techniques to help analyze tasks, represent projects, and control scheduling.