Program Evaluation and Review Technique (PERT)

Abstract

The focal point of this article will be the Program Evaluation and Review Technique (PERT), which is a project management tool used for the planning, scheduling and control of complex projects. The U.S. Navy originated PERT in 1958 as a tool for scheduling the development of a complete weapons system . It is a network-based technique that uses a flow diagram to represent the interdependencies of tasks in a project.

After the tool's description, this article's outline will follow with the purpose and advantages of this method. The goal of PERT is to provide project managers with a visual representation of the project timeline and to help identify the critical path and critical tasks, which must be completed on time for the entire project to be on schedule and meet the assigned deadline. In addition, PERT provides project managers with a way to estimate project finalisation time and identify potential bottlenecks and risks in the project itinerary.

Subsequently, this article will thoroughly explain how to use the PERT and when its application will be accurate within the estimation of a project. To build a PERT diagram, specific steps must be followed to allocate resources and ensure that the project stays on track.

On the other hand, PERT also has several limitations that will be covered in this composition. For instance, this method has dependency limitations, meaning that activity durations are assumed to be independent . Despite these disadvantages, which will be addressed below, PERT remains a valuable tool for project management and can be used effectively when its limitations are considered.

Finally, this article will propose new approaches and tools for project estimation that will help overcome the PERT limitations.

Keywords: PERT, project management, tool, tasks, duration, estimation, resources and cost.

Introduction

Project Management

• What is a project?

To better understand what project management entails, the concept of a project should be explained in advance. Therefore, projects can be defined as temporary efforts to create value through unique products, services, and processes (Project Management Institute, 2023). However, this is a broad definition of the term at hand. When analysed in-depth and broken down into smaller pieces, a project consists of a series of tasks and activities that must be completed in a structured and careful way in order to produce the desired deliverables or outcomes.

• What does project management entail?

Project management is the implementation of knowledge, skills, tools and techniques to the project's tasks, with the purpose of meeting or fulfilling the needs and expectations of the entities and organisations involved in the said project (PMI, 2023). To deliver the project on time, within budget, and with the intended quality, entails managing resources, timelines, budgets, and risks. Along with recognising and managing possible risks and impediments that can appear over the project's life cycle, effective project management also includes interacting with and communicating with stakeholders to make sure their demands are addressed.

Project management has grown in importance recently as firms have realised the necessity for more organised and effective methods of project delivery. In fact, according to the PMI, companies that give project management a high priority enjoy a 35% rise in their project success rates.

Planning and estimating in project management

• The planning process of a project

When it comes to project planning, there are several steps that must be followed during this process to guarantee that it is finished on schedule and within budget. One such procedure entails defining the activities that form the project, calculating their duration, identifying the connections or relationships between them, drawing a network diagram, identifying the critical path, and balancing the project. </references>