Project Evaluation and Review Technique - Essay Example

PERT or Project Evaluation and Review Technique is a method for estimating and incorporating the different risk variables into the work effort and attempt to calculate and estimate task effort through the use of weighted average. PERT seems to take a slightly different view of the "time estimates made at each project stage" (Mindtools.com, 2008) as compared to other techniques such as CPM.PERT as a technique tends to use three different types of estimates including Optimistic, Pessimistic as well as most likely estimates.

It is important to note that most likely estimates have higher weightage as compared to other two estimates made by the PERT as for it, no single estimate tend to incorporate risk in accurate way.PERT analysis first identify the three risk scenarios i.e. Most optimistic that is fewer risks will occur, Most likely which is weighted average of the all the risks and most pessimistic which is the estimation that the many risks will occur during the project life time. PERT than take three risks into account and calculate the single most accurate estimate of risk.

The most important advantage of PERT include that PERT allow the project managers to do the detailed planning which is considered as the backbone of the project management. Further once detailed planning is done, it forces management to plan and make commitment and devise plans to follow them. (http://www.zetamuhendislik.com, 2008). Further to this, PERT estimates allow to account for the uncertaintiy into project management however its most important disadvantages incldue the fact that it is time and labor intensive apart from the fact that it is used for usually large and complex projects with huge magnitude requiring extra ordinary resources.

PERT is also a techniqu where assumptions made are considered little over ambitious as it lacks the functional ownership of the estimates.The problem with the task estimation is because of the fact that the objectives as in fast changing external world with enormous innovation, it has become more critical to keep a pace with the performance of the project. The estimates made with the help of PERT when translated into work break down structure (WBS) does not allow the estimator to fully grip the relationships between the various estimated made and most of the estimates are made in an enviornment of fear which is often considered as the cause of inflating the project estimmates.

So there are various reasons for inflating the estimates including the fact work packages become late because workers involved in that task are either not committed to it and when estimates becomes inflated,tasks automatically get get.PERT estimating technique is always more favored and it has been more better technique than other estimation techniques. Other techniques especially forecasting techniques require strong historical data to make esstimate. I have been using MS Project as the software for making my project estimations needed during project's life cycle and its use is quite satisfactory.

Bibliographyhttp://www.zetamuhendislik.com. (2008). Project Management. Retrieved July 30, 2008, from http://www.zetamuhendislik.com: http://www.zetamuhendislik.com/pages/Project.htmMindtools.com. (2008). Critical Path Analysis and. Retrieved July 29, 2008, from www.mindtppls.com: http://www.mindtools.com/critpath.html