Question
Download Solution PDFWhat does PERT stand for in Industrial Management?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFConcept:
- Network models can be used as an aid in scheduling large complex projects that consist of many activities.
- If the duration of each activity is known with certainty, then the Critical Path Method (CPM) can be used to determine the length of time required to complete a project.
- If the duration of the activities is not known with certainty, the Program Evaluation and Review Technique (PERT) can be used to estimate the probability that the project will be completed by a given deadline.
- Difference between PERT and CPM (Critical Path Method)
|
PERT |
CPM |
|
1. Probabilistic approach |
1. Deterministic approach |
|
2. Three-time estimate |
2. One - time estimate |
|
3. Event oriented network model |
3. Activity-oriented network model |
|
4. The slack concept is used |
4. Float concept is used |
|
5. Project crashing is not possible |
5. Project crashing is possible |
|
6. Deals with probabilistic time estimates |
6. Deals with deterministic time estimates |
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