In industrial engineering, application, PERT has

Explanation:

Program Evaluation and Review Technique (PERT)

• The Program Evaluation and Review Technique (PERT) is a project management tool used to plan, schedule, and manage tasks within a project. It is particularly useful for projects where the time required to complete various activities is uncertain. PERT is a probabilistic tool that helps in identifying the minimum time required to complete a project and the likelihood of meeting deadlines by analyzing the time estimates for each activity.

Key Concept: PERT uses a three-time estimate approach for each activity in the project. This allows project managers to account for uncertainties and variabilities in activity durations.

Three-Time Estimate:

• Optimistic Time (T_o): The minimum possible time required to complete an activity, assuming everything proceeds better than expected.
• Most Likely Time (T_m): The best estimate of the time required to complete the activity, assuming normal conditions.
• Pessimistic Time (T_p): The maximum possible time required to complete the activity, assuming everything goes wrong.

Formula for Expected Time (T_e):

The expected time for an activity is calculated using the following formula:

T_e = (T_o + 4 × T_m + T_p) / 6

This formula provides a weighted average, giving more weight to the most likely time estimate.

Key Features of PERT:

• Focuses on the uncertainty of project activities by using probabilistic time estimates.
• Helps in identifying the critical path, which is the sequence of activities that determines the project completion time.
• Enables project managers to assess the likelihood of completing the project within a specific timeframe.

Applications of PERT:

• Used in research and development projects, where activity durations are often uncertain.
• Applicable to large and complex projects with interdependent activities.
• Helps in risk analysis and contingency planning by evaluating different scenarios.