Project Evaluation and Review Technique

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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.

Introduction


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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