PERT stands for Program Evaluation Review Technique. It is a method to calculate and estimate the time required to complete a task within deadlines. A PERT chart is a project management tool used to schedule, organize, and coordinate tasks within a project. The major objective of PERT is to decrease the cost and time needed to complete a project.
PERT analysis is a project management planning tool used to estimate the amount of time it will take to practically terminate a project. Steps are involved in PERT analysis:
The following steps are involved in the PERT analysis. These are as follows –
(a) Find out the exertions for project implementation.
(b) Determining the exertion schedule.
(c) Time estimation;
- Optimistic Time;
- Pessimistic Time;
- Most likely Time.
(d) Calculate the estimated Time (TE).
(e) Calculate the variance of the estimated time;
(f) Determine the critical path.
(g) Determine the possibility of a project complete at a specific time.