Got a tricky question? Receive an answer from students like you! Try us!

Project Evaluation and Review Technique - Essay Example

Only on StudentShare
College
Author : roobgeorgianna
Essay
Miscellaneous
Pages 2 (502 words)

Summary

PERT or Project Evaluation and Review Technique is a method for estimating and incorporating the different risk variables into the work effort and attempt to calculate and estimate task effort through the use of weighted average. PERT seems to take a slightly different view of the "time estimates made at each project stage" (Mindtools.com, 2008) as compared to other techniques such as CPM.

Extract of sample
Project Evaluation and Review Technique


PERT analysis first identify the three risk scenarios i.e. Most optimistic that is fewer risks will occur, Most likely which is weighted average of the all the risks and most pessimistic which is the estimation that the many risks will occur during the project life time. PERT than take three risks into account and calculate the single most accurate estimate of risk.
The most important advantage of PERT include that PERT allow the project managers to do the detailed planning which is considered as the backbone of the project management. Further once detailed planning is done, it forces management to plan and make commitment and devise plans to follow them. (http://www.zetamuhendislik.com, 2008). Further to this, PERT estimates allow to account for the uncertaintiy into project management however its most important disadvantages incldue the fact that it is time and labor intensive apart from the fact that it is used for usually large and complex projects with huge magnitude requiring extra ordinary resources. PERT is also a techniqu where assumptions made are considered little over ambitious as it lacks the functional ownership of the estimates.
The problem with the task estimation is because of the fact that the objectives as in fast changing external ...
Download paper
Not exactly what you need?

Related Essays

Develop Work Prop
A person not having a title/ post of manager is also supposed to manage the things. If someone thinks that only 'manager' has to manage that means either he is running away from responsibility or he is not skilled enough to manage.…
8 pages (2008 words)
Short Literature Review and Project Specification
However, as yet no study has been conducted to verify the above claims of kiosk vendors. Using a kiosk system, the customers are relieved from standing in the queue for getting a product or service (Whitech Solutions, n.d.); rather they can use the self service feature that is provided by the kiosk system at POS sites to reduce the response time that is otherwise on a higher side in traditional systems.…
8 pages (2008 words)
Managing Project Essay
This paper includes the study of two cases using the Project Evaluation and Review Technique (PERT) or network diagram. In case 1, network diagram was shown using the activity node. Calculation of Earliest start time (EST) and Latest start time (LST) was done to be able to show the Slack or total float of the activity. Critical path was used to be able to complete the given task without budget constraint. The study will be able to show the importance of the said technique in managing a project. Cost estimation was presented using principles and other theory. Diagram and other tables were…
9 pages (2259 words)
Phase 3 Discussion Board
These Techniques take into context both the least amount of time required and the most of time that could be required and also the costs or delays that the organization might incur. Theses techniques help the people who are taking care of the entire process in estimations of both the time and cost of the entire project.…
3 pages (753 words)
Project management
Keeping in view the importance of the advertisement, the Electronic Arts Incorporation (our client) decided to advertise their products over the internet, sale of the products (eCommerce) and along with development of videos (EA Inc., 2014). The Electronic Arts Inc. selected the Rubicon (Project Vendor and I am the Project Manager) to initiate the development of eCommerce enabled website along with the online videos for the advertisement. The vendor Rubicon is one of the leading companies for selling and buying of the advertising globally (Rubicon, 2014).…
15 pages (3765 words)