CPM and PERT are network-based project management techniques that model the sequence and flow of activities in a project. PERT is used for projects with uncertain activity durations, models time as a variable, and identifies the critical path to minimize time and cost. CPM assumes fixed activity durations, differentiates critical from non-critical activities to reduce delays, and deals with crashing activities to further reduce time. The key differences are that PERT is probabilistic and for non-repetitive projects like research, while CPM is deterministic and used for repetitive construction projects.