Program Evaluation and Review Technique (PERT)
A) Developed by US Navy and a consulting firm in 1958 for the Polaris submarine project.
B) Technique as for CPM method, but activity durations have a range of times that follow a statistical distribution:
- So, can compute the probability of achieving individual activity durations, and project milestones.
- Uses the beta distribution, as we considered previously … and will now recap.
- PERT requires not just expected completion times for activities, but also optimistic and pessimistic estimates.