PERT (Program Evaluation and Review Technique) is a statistical technique used to analyze and represent the tasks involved in completing a project. It uses three time estimates for each task - optimistic, most likely, and pessimistic - to determine the expected duration through probability distributions. The critical path is the sequence of tasks with zero float that determines the overall project duration. PERT allows calculating the probability of completing a project by a certain date based on the expected duration and variance of the critical path.