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Application of Program Evaluation and Review Technique (PERT) in Project Time Management and Cost Optimization

A solved assignment discussing the application of PERT in managing project timelines and optimizing costs.

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    R unning head: CPM AND PERT TECHNIQUE 1 Program Evaluation and Review technique Your Name Course/Number Date Instructor Name Explain the Program Evaluation and Review Technique (PERT) and its application in project time management. Include calculations for expected time, variance, and critical path analysis using the data provided. Discuss the significance of slack and the probability of project completion within a specified timeframe. Finally, analyze the cost implications of crashing activities to reduce project duration. Word Count Requirement: 1000 to 1500 words.

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    CPM AND PERT TECHNIQUE 2 Program Evaluation and Review technique All activities involved in this project are known however the activity times are dependent on many factors and therefore 3 - time estimates are being considered to arrive the most probable activity time. This assignment is based on Program Evaluation and Review Technique (PERT).PERT was first developed by US Navy. PERT is a project time management technique in which the task times are estimated based on three time horizons i.e. optimistic, pessimistic and most likely. The consideration of three time estimates makes the method more accurate. (Kerzner, 2003). Task Time and Variance Calculation Task time is calculated by formula: Te = (To + 4*Tm+ Tp)/6 Wherein Te --- Expected completion time To --- optimistic time estimate Te β€” Most likely time Tp --- Pessimistic time estimate Variance= [ ( 𝑇𝑝 βˆ’ π‘‡π‘œ ) 6 ] 2 PERT/CPM Analysis Table 1.1 Task Preceding Activity Optimistic Time to Complete (weeks) (To) Probable Time to Complete (weeks) (Tm) Pessimistic Time to Complete (weeks) (Tp) Expected Time to Complete (weeks) (Te) Variance (weeks) Start A Start 2 4.3 4.8 4.00 0.218 B A 5 10.2 14.2 10.00 2.351 C A 1 1.4 2.4 1.50 0.054 D B,C 7 8 15 9.00 1.778 E C 8 15 25 15.50 8.028 F A 30 32 43 33.50 4.694

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