In the PERT scheduling technique, the text (Kerzner, 11e) mentions that you esti
ID: 412542 • Letter: I
Question
In the PERT scheduling technique, the text (Kerzner, 11e) mentions that you estimate the schedule using a best-case, expected-case, and worst-case scenario. Compare and contrast these three methods.
A big advantage of PERT lies in its extensive planning. Network development and critical path analysis reveal interdependencies and problems that are not obvious with other planning methods. PERT therefore determines where the greatest effort should be made to keep a project on schedule.
The second advantage of PERT is that one can determine the probability of meeting deadlines by development of alternative plans. If the decision maker is statistically sophisticated, he can examine the standard deviations and the probability of accomplishment data. If there exists a minimum of uncertainty, one may use the single-time approach, of course, while retaining the advantage of network analysis.
A third advantage is the ability to evaluate the effect of changes in the program. For example, PERT can evaluate the effect of a contemplated shift of resources from the less critical activities to the activities identified as probable bottlenecks. PERT can also evaluate the effect of a deviation in the actual time required for an activity from what had been predicted.
Finally, PERT allows a large amount of sophisticated data to be presented in a well-organized diagram from which contractors and customers can make joint decisions.
PERT, unfortunately, is not without disadvantages. The complexity of PERT adds to implementation problems. There exist more data requirements for a PERT-organized reporting system than for most others. PERT, therefore, becomes expensive to maintain and is utilized most often on large, complex programs.
Many companies have taken a hard look at the usefulness of PERT on small projects. The result has been the development of PERT/LOB procedures, which can do the following:
• Cut project costs and time
• Coordinate and expedite planning
• Eliminate idle time
• Provide better scheduling and control of subcontractor activities
• Develop better troubleshooting procedures
• Cut the time required for routine decisions, but allow more time for decision-making
Even with these advantages, many companies should ask whether they actually need PERT because incorporating it may be difficult and costly, even with canned software packages. Criticism of PERT includes:
• Time and labor intensive
• Decision-making ability reduced
• Lacks functional ownership in estimates
• Lacks historical data for time–cost estimates
• Assumes unlimited resources
• Requires too much detail
An in-depth study of PERT would require a course or two by itself. The intent of this chapter is to familiarize the reader with the terminology, capability, and applications of networks.
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Explanation / Answer
Answer:
PERT: PERT stands for Project Evaluation and Review Technique. This technique is being used in project management. This technique is supported with below estimated process with limited project informations.
The project estimation is worked out based on three point estimation processes in the management as below, based on the requirement and scenarios.
These techniques are used to create the approximate probability distribution which will represents the future outcome of the events based on limited information and inputs in the project management process.
The best case scenario process explains the project planning estimating the project outcomes with best results for the project deliverables. Thus this process assumes the project delivers at best outcomes in terms of lead time and project costs. Thus under these process, the project estimates the project outcome with lowest cost and lowest lead time.
Expected Case Scenario estimation process, is the process of project management with estimating the project execution with respect to the expected outcomes. Thus the project estimates to be completed with expected cost and expected lead time.
Worst case Scenario Estimation process , is the process of project estimation with estimating project execution with worst case scenario outcomes for the project. Thus under these process the project estimated to be completed with the worst case outcome for project cost and project lead time.