How does the Program Evaluation and Review Technique PERT improve time estimation accuracy

Question

Estimating project timelines accurately is always a challenge. How does the Program Evaluation and Review Technique (PERT) improve time estimation, and when is it most useful?

Answer 1

PERT is an excellent tool for estimating project deadlines when there is uncertainty. It operates as follows:

• Establishing Three-Time Estimates for Each Task

  • Optimistic (O): Best-case scenario.

  • Pessimistic (P): Worst-case scenario.

  • Most Likely (M): Expected duration.

• Calculating Expected Time with the PERT Formula
  
  TE= O+4M+P​/6

  This weighted formula mitigates the effects of extreme instances.

• Identifying Critical Path - Once task durations have been assessed, PERT can help determine the longest path through the project.

• Assessing Variability and Risk - PERT gives a standard deviation estimate to help project managers prepare for schedule concerns.

PERT enhances planning accuracy by including statistical analysis, particularly in projects with unpredictable work durations.