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PERT Analysis

5 minutes 5 Questions

Program Evaluation and Review Technique, commonly known as PERT, is a statistical tool used in project management, which was designed to analyze and represent the tasks involved in completing a given project. PERT helps to identify the minimum time for completing a project along with the potential risk areas. It encompasses the creation of a graphic representation of a project's timeline allowing the management to organize and coordinate tasks within the project. PERT analysis also involves the estimation of time to each project stages with some allowances for risk.

Guide and Exam Tips: PERT Analysis in Project Time Management

The PERT analysis, or Project Evaluation and Review Technique, is a crucial concept in the field of Project Time Management.
Why it's important: PERT Analysis aids in planning and controlling tasks within a project. It allows for the identification of the critical path, therefore aiding in predicting the overall project time and potential delays.
What it is: It's an estimation technique that employs three types of estimates (Optimistic, Pessimistic, and Most Likely) to understand the timing uncertainty inherent in any project task. The PERT formula used is: (Optimistic + 4*Most Likely + Pessimistic) / 6 .
How it works: The PERT analysis uses a Network Diagram to model the project's tasks visually. After developing the diagram, it involves calculating the earliest and latest start and finish times for each task.
Exam Tips: Answering Questions on PERT Analysis
- Familiarize yourself with PERT terminology like nodes, slack, and float.
- Don't forget to use the PERT formula for calculating time estimates.
- Practice interpreting PERT related questions and diagrams for better understanding.
- Always look for information on the critical path and dependencies.
- Be prepared to analyze and understand various outcomes based on changes in the estimated time.
Remember, understanding PERT analysis can be the key to effectively managing project time and ensuring project success.

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CAPM - Project Time Management Example Questions

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Question 1

Question: Jack is using PERT Analysis for his software project involving various complex tasks. For task X, the optimistic time is 5 days, the pessimistic time is 20 days, and the most likely time is 10 days. What is the variance for this task?

Correct Answer: Variance (V) = ((20-5)/6)^2

In PERT analysis, Variance (V) is a measure of uncertainty or risk. It's calculated with the formula Variance = ((pessimistic time - optimistic time) / 6) ^ 2. In this case, that would be ((20 - 5) / 6) ^ 2. The answer text of options 147455, 147456, 147457 are incorrect because they all use either the most likely time or swap the placement of pessimistic and optimistic time in the formula.

Question 2

Question: Peter is managing a project with a tight budget. He has completed a PERT analysis and calculated the standard deviation for each activity. How can he utilize this information?

Correct Answer: Peter can use the standard deviation to estimate the overall project risk and then develop risk mitigation strategies accordingly.

The best answer is 'Peter can use the standard deviation to estimate the overall project risk and then develop risk mitigation strategies accordingly.' The standard deviation in PERT analysis is a statistical measure that signifies the amount of variation or dispersion of a set of values. This can guide Peter to estimate the uncertainty, or risk, in the project's tasks, which is critical in a tightly-budgeted project. The other answers are incorrect: 'Peter should ignore the standard deviation as it doesn't contribute to PERT analysis.' This statement is incorrect. Standard deviation is an integral part of PERT analysis and is used to estimate risk. 'Peter can use the standard deviation to reduce the project budget.' This is not accurate. While understanding distribution can help manage risk and perhaps indirectly lead to cost savings, the standard deviation is not a tool for budget reduction. 'Peter should use the standard deviation to calculate the project completion date.' Though standard deviation can assist in assessing risk, it's not directly used to calculate the project completion date.

Question 3

Anna is managing a digital transformation project. She decides to use the PERT analysis method for task Z, with a most likely time of 15 days, an optimistic time of 10 days, and a pessimistic time of 25 days. What would be the expected time for task Z?

Correct Answer: 16 days

The PERT (Program Evaluation and Review Technique) analysis method calculates the expected time for tasks in a project by using a weighted average: Expected Time = (Optimistic Time + 4*Most Likely Time + Pessimistic Time) / 6. In this case, by substituting values: Expected Time = (10 + 4*15 + 25) / 6, which results in 16 days. This makes answer number 147566 as '16 days' the correct one. The other answer '12 days' is incorrect because it is less than the 'Most Likely Time' provided, and PERT expected time is a weighted average that should fall between the optimistic and pessimistic times. The '20 days' answer is incorrect because it exceeds the calculated expected time. The '18 days' answer is too close to the pessimistic time and doesn't reflect the provided most likely time properly.

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