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Application of Program Evaluation and Review Technique (PERT) in Project Time Management and Cost Optimization

A solved assignment discussing the application of PERT in managing project timelines and optimizing costs.

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Running head: CPMAND PERT TECHNIQUE1Program Evaluation and Review techniqueYour NameCourse/NumberDateInstructor NameExplain the Program Evaluation and Review Technique (PERT) and its application in projecttime management. Include calculations for expected time, variance, and critical path analysisusing the data provided. Discuss the significance of slack and the probability of projectcompletion within a specified timeframe. Finally, analyze the cost implications of crashingactivities to reduce project duration.Word Count Requirement:1000 to 1500 words.

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CPM AND PERT TECHNIQUE2ProgramEvaluation and Review techniqueAllactivities involved in this project are known however the activity times are dependenton many factors and therefore 3-time estimates are being considered to arrive the most probableactivitytime.ThisassignmentisbasedonProgramEvaluationandReviewTechnique(PERT).PERT was first developed by US Navy. PERT is a project time management techniquein which the task times are estimated based on three time horizons i.e. optimistic, pessimistic andmost likely. The consideration of three time estimates makes the method more accurate.(Kerzner, 2003).Task Time and Variance CalculationTask time is calculated byformula: Te= (To + 4*Tm+ Tp)/6WhereinTe---Expected completion timeTo---optimistic time estimateTe—Most likely timeTp---Pessimistic time estimateVariance=[(𝑇𝑝−𝑇𝑜)6]2PERT/CPM Analysis Table 1.1TaskPrecedingActivityOptimisticTime toComplete(weeks)(To)ProbableTime toComplete(weeks)(Tm)PessimisticTime toComplete(weeks)(Tp)ExpectedTime toComplete(weeks)(Te)Variance(weeks)StartAStart24.34.84.000.218BA510.214.210.002.351CA11.42.41.500.054DB,C78159.001.778EC8152515.508.028FA30324333.504.694
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