![Variance And Standard Deviation In PERT Formula [PMP]](https://www.pmbypm.com/wp-content/uploads/2013/04/pert-variance-standard-deviation.png)
You might be looking to understand the usage of variance and standard deviation in PERT formula. PERT is an acronym for Program Evaluation and Review technique. This technique is used to determine duration and cost estimates of a task. In this technique, a weighted average (mean) of three different estimates is used to determine the…
PERT Formula is one on the ways for doing three point estimation. It calculates expected duration by finding the weighted average of three different estimates viz. Optimistic (O), Pessimistic (P), and Most Likely (M). E_PERT=(O+P+4×M)/6 The three point estimation can also be done by using simple average formula. E_SA=(O+P+M)/3 PERT (Program Evaluation and Review Technique)…
To Complete Performance Index (TCPI) is the estimated cost efficiency required to complete the remaining project work within a defined budget. The defined budget could be the original budget i.e., Budget At Completion (BAC) or it could be the revised budget Estimate At Completion (BAC). TCPI is different from Cost Performance Index (CPI). TCPI is…
Estimate At Completion is the revised estimate of the total funds required to complete total work of a project. It is the sum of the Actual Cost (expenditure already incurred or the money already spent) till the control date and Estimate to Complete (expected cost of remaining work). EAC formula can be expressed by using…
Earned Value Analysis (EVA) or Earned Value Management(EVM) is a project management technique that combines scope, schedule, and cost to measure project progress and performance. The earned value system uses three basic values for measuring the current performance viz. Planned Value (PV), Earned Value (EV), and Actual Cost (AC). In addition, it also uses Budget…
Total Float is the maximum amount of time an activity can be delayed without delaying the project whereas Free Float is the amount of time an activity can be delayed without impacting the Early Start date of any of its immediate successors. Total Float and Free Float are used in Critical Path Method (CPM) to…
