Sample Solution

The Program Evaluation and Review Technique (PERT) is a method used to calculate project duration estimates. It is based on the assumption that tasks are subject to uncertainty, and so it accounts for this by estimating three values – Optimistic Time (To), Most Likely or Expected Time (Te), and Pessimistic Time (Tp). The expected time of an activity can then be calculated using the following formula: Te = (To+ 4Tm + Tp)/6.

For example, if a task has an optimistic time estimate of 5 days, most likely time estimate of 10 days and a pessimistic time estimate of 15 days, then its expected duration would be calculated as follows: Te = (5 + 4(10) + 15)/6 = 11.7 Days.

The purpose behind these calculations is to provide more accurate project duration estimates than traditional methods such as Critical Path Method which do not account for uncertainty. By calculating the optimistic, most likely and pessimistic values for each task in a project timeline , one can take into account potential delays due to unknown factors such as resource availability . This in turn allows managers to plan their projects better by providing them with realistic expectations about how long each task will take . Additionally , it also provides them with an estimated range within which they should expect the activity’s completion – i.e between To and Tp – allowing them to plan accordingly in case there are any delays beyond this period.

In conclusion , PERT estimation helps managers get more accurate duration estimates compared to traditional methods while also accounting for any uncertainties or external factors that might cause delays in completing the tasks . Hence it is an invaluable tool when planning complex projects whose timelines contain multiple activities