Question
Download Solution PDFThe expected time of a PERT activity is given by: [where to = Optimistic time, tm = Most likely time, tp = Pessimistic time]
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFConcept:
The PERT (Project Evaluation and Review Technique) technique is used, when activity time estimates are stochastic in nature. For each activity, three values of time (optimistic, most likely, pessimistic) are estimated.
- Optimistic time (to) estimate is the shortest possible time required for the completion of the activity
- Most likely time (tm) estimate is the time required for the completion of activity under normal circumstances
- Pessimistic time (tp) estimate is the longest possible time required for the completion of the activity
In PERT expected time of an activity is determined by using the below-given formula:
Additional Information
Variance, σ2 =
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