Accounts & Finance

"PERT or the Program Evaluation and Review Technique. It is a method which is used to examine the tasks in a schedule and also to determine a variation of the CPM. It also analyzes the time which is required to complete each task and its associated dependencies to determine the minimum time to complete a project. 

To conduct PERT analysis, the three estimates that are obtained is 

i) optimistic, 

ii) pessimistic, and 

iii) for every, most likely, activity along the Critical Path.

These estimates used to calculate the time required for each project stage. 

The formula is:

      ( P + 4 M + O ) / 6

in which,

Optimistic Time (O) is the minimum possible time which is required for the task accomplishment.

Pessimistic Time (P) is the maximum possible time which is required for the task accomplishment.

Most likely Time (M) is the best estimate of the time which is required for the task accomplishment."