The project is typically characterized as a succession of connected tasks aimed toward a primary result. A project has definite goals with clear deadlines, and it is implemented at a good moment that reflects the activities and works time throughout the complete project series. As a result, effective planning, task scheduling, and project management are required to maximize the capabilities of the available resources.
Project Managers use network analysis to prepare the activity schedule, which shows a graph of the interaction between project work sequences, and what work must precede or be preceded by other work regarding time. This network is extremely valuable for project planning and control, particularly in the engineer-to-order business.
Because of the complexities of project management, it is necessary to identify and map a set of actions that must be completed consecutively. This mapping can be organized into a network model. The Program Evaluation and Review Technique (PERT) is a network model that can map the completion time of activities into three-time estimates: the most optimistic, the most likely, and the most pessimistic.
a. The pessimistic time is the most time that action may need.
b. The most probable time is the time to finish the project tasks that are most likely to be completed.
c. The optimistic time is the quickest time that a project activity can be finished.
We may calculate the predicted activity time using the following formula after establishing the three-time estimations.
formula:
Information:
a: the most optimistic time
m: the most likely time
b: the most pessimistic time
µ: the expected time
Using the method, calculate the variance in time for each activity:
Calculate the variation of the duration for each activity using the formula:
Standard deviation
