PERT is an excellent tool for estimating project deadlines when there is uncertainty. It operates as follows:
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Establishing Three-Time Estimates for Each Task
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Optimistic (O): Best-case scenario.
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Pessimistic (P): Worst-case scenario.
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Most Likely (M): Expected duration.
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Calculating Expected Time with the PERT Formula
TE= O+4M+P/6
This weighted formula mitigates the effects of extreme instances.
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Identifying Critical Path - Once task durations have been assessed, PERT can help determine the longest path through the project.
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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.