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Questions and Answers
What is the formula to calculate the Expected Time in PERT three-point estimates?
What is the assumption made in the Pessimistic time estimate?
What is the purpose of the Three-Point Estimate in PERT?
What is the Optimistic time estimate in PERT based on?
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What is the formula to calculate the Resource Units per day?
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What is the purpose of the Parametric Estimates?
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What is the assumption made in the Most Likely time estimate?
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What is the purpose of the Triangular Distribution in PERT?
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What is the formula to calculate the Duration?
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What is the purpose of the Stopwatch Time Study?
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Study Notes
Estimating Techniques
- PERT (Program Evaluation and Review Technique) is a more accurate estimating method than the triangular estimate.
- PERT three-estimates is the most applied estimating method by project managers.
Triangular Distribution
- Calculation: (P + ML + O) / 3
- P: Pessimistic duration, ML: Most Likely duration, O: Optimistic duration
Learning Curves
- The learning effect: Time per repetition decreases as the number of repetitions increases
Standard Time and Stopwatch Time Study
- Standard time: The time it should take a fully trained and qualified worker to complete a specific task, working at an efficient, yet sustainable pace.
- Observed time: The average of recorded times.
- Normal time: Observed time adjusted for worker performance, calculated by multiplying observed time by a performance rating (NT = OT * PR).
- Standard time: Normal time multiplied by an allowance factor for personal delays, unavoidable delays, and breaks (ST = NT * AF).
Stopwatch Time Study
- Example: Observed time 5 hours, normal time 6 hours, idle time 25%, standard time 7.5 hours (6 * (1 + 0.25)).
Three-Point Estimate
- Optimistic time: Minimum time required to accomplish an activity, assuming things will go better than normally.
- Pessimistic time: Maximum possible time required to accomplish an activity, assuming everything that can go wrong, will do.
- Most likely time: Best time estimation of the accomplishment of an activity, assuming everything goes as expected.
- Expected time: Best estimation of the time needed to accomplish an activity, taking into account that complications might appear, calculated using the formula (P + 4ML + O) / 6.
Parametric Estimates
- Example: Resource Units/day = WBS Effort Hours / Resource Working Hours/day * % Availability
- Duration (days) = Work / Resource Units
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Description
This quiz covers the PERT technique, a method used for estimating project tasks, which has been tested across various industries and countries. It also explores the triangular distribution formula used in PERT.
