• Most likely fa). The duration of the activity, given the resources likely to be assigned, their productivity, realistic expectations of availability for the activity, dependencies on other participants, and interruptions.
• Optimistic (to). The activity duration is based on analysis of the best-case scenario for the activity.
• Pessimistic (tp). The activity duration is based on analysis of the worst-case scenario for the activity.
PERT analysis calculates an Expected (y activity duration using a weighted average of these three estimates:
Duration estimates based on this equation (or even on a simple average of the three points) may provide more accuracy, and the three points clarify the range of uncertainty of the duration estimates.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.