PERT (Program Evaluation and Review Technique)- Statistical tool for estimating task durations.

Definition

PERT (Program Evaluation and Review Technique) is a statistical tool used to estimate project durations by considering multiple time scenarios:

1. Optimistic Time (O) – Best-case scenario.
2. Pessimistic Time (P) – Worst-case scenario.
3. Most Likely Time (M) – Expected duration.

The PERT formula calculates the weighted average:

Expected Time=(O+4M+P)6\text{Expected Time} = \frac{(O + 4M + P)}{6}

Advantages

✔ More Accurate Time Estimates – Accounts for uncertainties.
✔ Helps Identify Critical Paths – Useful for schedule optimization.
✔ Improves Risk Management – Considers best and worst-case scenarios.

Disadvantages

✖ Complex to Use – Requires probability calculations.
✖ Data-Dependent – Accuracy relies on reliable estimates.
✖ Not Ideal for Small Projects – Overly detailed for simple tasks.