What Is Optimistic Duration?

How do you calculate optimistic time?

The PERT estimate (E) is based on a formula that includes your optimistic time estimate (O), your most likely time estimate (M) and your pessimistic time estimate (P).

The basic equation is this: E = (O + 4M +P) / 6 ..

What is difference between PERT and CPM?

PERT is that technique of project management which is used to manage uncertain (i.e., time is not known) activities of any project. … CPM is that technique of project management which is used to manage only certain (i.e., time is known) activities of any project.

What is a pessimistic time?

Pessimistic time is a concept used in the program evaluation and review technique (PERT). It represents the longest estimated time period within which a task is likely to be completed, and is used in project management activities.

Is PERT or CPM better?

PERT is a technique of planning and control of time. Unlike CPM, which is a method to control costs and time. … PERT technique is best suited for a high precision time estimate, whereas CPM is appropriate for a reasonable time estimate. PERT deals with unpredictable activities, but CPM deals with predictable activities.

What is 3pt analysis?

Three point estimating is a technique which utilizes an optimistic and pessimistic estimate to determine the ideal estimate value for a project task. … It allows known risks to be quantified and built in to the project budget.

What is a pert CPM chart?

A PERT chart is a project management tool that provides a graphical representation of a project’s timeline. The Program Evaluation Review Technique (PERT) breaks down the individual tasks of a project for analysis.

What is the most likely time?

Most likely time – the completion time having the highest probability. Note that this time is different from the expected time. Pessimistic time – the longest time that an activity might require. Three standard deviations from the mean is commonly used for the pessimistic time.

What is the full form of PERT and CPM?

This video tutorial explains you the difference between Project Evaluation and Review Technique (PERT) and Critical Path Method (CPM).

Where is PERT and CPM used?

PERT and CPM are two statistical tools used to schedule and plan tasks or activities within a project. These methods are utilised to control time, resources, output and several other aspects of a project.

What is optimistic and pessimistic time?

The optimistic time is the fastest possible time needed to complete the task and usually involves additional cost. Normal time is the most likely time, while the pessimistic time is the slowest time needed to complete the task.

What is the optimistic time?

October 09, 2018. Optimistic time is a concept used in the program evaluation and review technique (PERT). It represents the shortest estimated time period within which a task is likely to be completed, and is used in project planning.

What is expected time?

expected time for an activity. in Program Evaluation And Review Technique (PERT), a weighted average time that is widely used in a real life application of PERT to a complex project, where the completion times for activities are not certain.

What is the minimum duration of time for any activity in the PERT analysis?

Your team members tell you that an activity you are working on is most likely to be completed in 20 days. However, the worst case, it might take 30 days, and if all conditions are favorable, it might be completed in 15 days. Determine the PERT time estimate for this activity.

What is pert formula?

PERT calculates a weighted average as the PERT estimate by using the formula : Pert Estimate = (Optimistic + (4 X Most Likely) + Pessimistic)/6.

What is optimistic estimate?

An optimistic estimate is what a team hopes will be the amount of time to complete their project, assuming everything goes as planned. The pessimistic estimate is the worst case scenario and is an estimate that a team would give if everything goes wrong.

What is most likely time in project management?

Most likely time, expressed as ‘tm’, represents estimate of time for completion of an activity, which is neither optimistic nor pessimistic, assuming that things should go in a normal way, and if the activity is repeated several times, in most of the cases, it will be completed in time represented by t.

How can calculate percentage?

1. How to calculate percentage of a number. Use the percentage formula: P% * X = YConvert the problem to an equation using the percentage formula: P% * X = Y.P is 10%, X is 150, so the equation is 10% * 150 = Y.Convert 10% to a decimal by removing the percent sign and dividing by 100: 10/100 = 0.10.More items…

How do you calculate a 3 point estimate?

Three-point Estimate (E) is based on the simple average and follows triangular distribution.E = (O + M + L) / 3.Step 1 − Arrive at the WBS.Step 2 − For each task, find three values − most optimistic estimate (O), a most likely estimate (M), and a pessimistic estimate (L).More items…