Using the PERT Technique

Question 1

PERT (Program Evaluation and Review Technique)

Answer 1

A technique to estimate project duration or cost when there is uncertainty with the individual activity estimates.

Question 2

Why is it important to deal with uncertainty in project management?

Answer 2

It is important to deal with uncertainty because estimates can vary, and understanding this helps in planning and decision-making.

Question 3

2 types of 3 point estimation

Answer 3

• Triangular
• Beta estimates (PERT)

Question 4

What are the three types of estimates used in PERT?

Answer 4

• Most likely (L): Normal conditions
• Optimistic (O): Least, best case
• Pessimistic (P): Maximum, worst case

Question 5

What is the formula for calculating the weighted average time in PERT?

Answer 5

(O + 4L + P)/6

Question 6

What is the formula for calculating the standard deviation (sigma) in PERT?

Answer 6

(O - P)/6

Question 7

Formula to calculate the estimate

Answer 7

Estimate= average time + n * standard dev

n is either:
* 1 st dev: 66%
* 2 st dev: 95%
* 3 st dev: 99%

Question 8

What does choosing N = 1, 2, or 3 signify in PERT?

Answer 8

Choosing N signifies the level of confidence in the estimate, with higher values providing a more conservative estimate.

Question 9

What is the advantage of using PERT in project management?

Answer 9

PERT allows for a careful calibration of uncertainty, leading to more accurate and reliable estimates.

Question 10

What is a disadvantage of using PERT?

Answer 10

PERT can become complicated when there are many interdependent activities in a project.

Question 11

How can bias affect PERT estimates?

Answer 11

Bias can occur if individuals provide overly optimistic or pessimistic estimates, leading to inaccurate results.

Question 12

What is a good practice to reduce bias in PERT estimates?

Answer 12

Involving multiple people in the estimation process can help eliminate bias and provide a more balanced view.