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.
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 ...
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(Project Evaluation and Review Technique Essay Example | Topics and Well Written Essays - 500 Words)
“Project Evaluation and Review Technique Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.net/miscellaneous/286060-project-evaluation-and-review-technique.
The paper discusses the issues to take into consideration when undertaking project management. This will be followed by an exploration of two project management methodologies basing this on real world examples. A conclusion will be arrived at and recommendations for an effective project management generated based on the literature reviewed and the case studies used.
. The sole aim of developing these techniques was to improve the management of the projects. PERT is referred to as a probabilistic technique whereas CPM can be termed as deterministic technique. Both of these techniques had similar approaches but differed in the manner of estimating activity times.
PRINCE2 Themes PRINCE2 (Project IN Controlled Environment) is a project management standard used in more than 150 countries for successfully managing a project. PRINCE2 consists of a several themes, set of principals, and a project management lifecycle. There are seven (7) themes of the PRINCE2 include: Risk, Change, Progress, Business Case, Organization, Quality and Plans.
Hence this activity demands great attention from the project manager. It includes the following; deciding what needs to be done, estimating cost, ensuring there are suitable people to undertake the project , defining responsibilities , scheduling, and making arrangements for the work.
he schedule and cost measurement techniques are part of such group of techniques which are considered as the most essential as they determine the practicalities of the project.
There are various techniques with the help of which the schedule estimations and scheduling can be
Both of these tools are used to determine the timing of scheduled activities in a project. The tools also give a graphical representation of the scheduling of activities in a project in the form of a network.
PERT is used mostly in projects that are