PERT Estimation Technique

PERT Estimation Technique

PERT Estimation Technique

PERT Estimation Technique

PERT Estimation Techinique or Program Evaluation and Review Technique calculation is one of the most prominent technique for estimations in Project Management.

You may recall that the PMBOK Ver5 lists down 47 activities to be done in the entire project management lifecycle, and for each of these activities it lists down the Input, output and Tools and techniques.

One of the most widely used tool in Estmate Activity Duration activity (in the Time Knowledge area) as per PMBOK is 3-Point estimates or PERT.

To get to better estimates you get the team to help you come up with PESSIMISTIC estimates, MOST LIKELY estimates & OPTIMISTIC estimates, which subsequently is used to calculate the THREE POINT ESTIMATE using the PERT Technique.

PERT uses weighted average by using optimistic, pessimistic and most likely values to address duration and cost estimating uncertainness.

PERT Formulae = P + 4M + 0 /6

Standard Deviation = (P-O)/6

Variance = Square of Std Deviation.

Let us understand this with the help of an example:

PERT Analysis
Calculation of PERT