June 2006
Beginner
793 pages
20h 59m
English
Content preview from Quantitative Techniques: Theory and ProblemsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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HOW TO INCORPORATE UNCERTAINTY IN PERT MODEL
Uncertainty can be incorporated in PERT network by assuming that the activity time has a beta distribution. This enables us to calculate the expected activity time and its standard deviation. For this purpose we have the following three different estimates for the completion time of an activity.
Optimistic Time (T0) Optimistic time for an activity is the minimum time required to complete an activity if everything goes all right. i.e. under ideal conditions.
Normal Time (or Most Likely Time) (Tm) Normal time, is the most probable time which an activity will take. This is the time which lies between the optimistic time and the pessimistic time.
Pessimistic Time Pessimistic time, is the best guess-estimate ...
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