You might be looking to understand the usage of standard deviation in PERT estimation 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 final … Read more How To Use Standard Deviation In PERT Estimation Formula?
Three point estimating can be done in two ways – one is by applying Beta Distribution technique, which uses PERT (Program Evaluation and Review Technique) formula and other is by applying Triangular Distribution technique, which calculates simple average. Just like any other estimation technique, 3-point estimation can be used for estimating duration or cost of … Read more How To Use PERT Formula In Three Point Estimating?
I have written this article to explain the difference between Total Float and Free Float in Critical Path Method (CPM). You will find a complete in-depth explanation of different types of floats in project management this article, which includes free & total float formulas for doing CPM calculations and definitions, meaning, & example of floats. … Read more Total Float vs Free Float: Formulas & Calculations For Critical Path Method
This is a follow-up post of my previous post 8 ways to meet budget in Fixed Price Projects. We can successfully execute and deliver the project within specified time and budget by estimating the size of the project scientifically. There are upteen estimation techniques and they are different for different industries. And within a industry they … Read more Scientific Estimation