Program Evaluation and Review Technique (Pert)

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Program Evaluation and Review Technique (PERT) is a scheduling method originally designed to plan a manufacturing project by employing a network of interrelated activities, coordinating optimum cost and time criteria. PERT emphasizes the relationship between the time each activity takes, the costs associated with each phase, and the resulting time and cost for the anticipated completion of the entire project.
PERT is an integrated project management system. These systems were designed to manage the complexities of major manufacturing projects, the extensive data necessary for such industrial efforts, and the time deadlines created by defense industry projects. Most of these management
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The third is the most likely estimate, or the normal or realistic time an activity requires. Two other elements comprise the PERT network: the path, or critical path, and slack time. The critical path is a combination of events and activities that will necessitate the greatest expected completion time. Slack time is defined as the difference between the total expected activity time for the project and the actual time for the entire project. Slack time is the spare time experienced in the PERT network.
A vital aspect of PERT is the formula used for the calculation of expected project time. The project reads:

where T = expected completion time,
A = optimistic estimate,
M = most likely estimate,
B = pessimistic estimate.
Applying real numbers to the PERT formula, the result is as follows, where A (optimistic time) = 7 weeks; M (most likely time) = 11 weeks; B (pessimistic time) = 15 weeks:

(or T, expected completion time)
Once the expected time is computed, the critical path is established. The PERT network considers all potential variables, thus quantifying the scheduling and planning of the project. In a comprehensive view of PERT, it becomes clear that despite the fact that some steps of the process are independent, the next step will depend on the successful completion of prior steps.
Another key to PERT is to analyze and revise the
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