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Question
Which among the following uses probabilistic time estimates for project management? 
A.
CPM
B.
Gantt chart
C.
PERT
D.
OC curve
Answer ( Option C)

PERT

Solution

PERT stands for Program Evaluation and Review Technique and was developed to address the needs of projects for which the time and cost estimates tend to be quite uncertain. 
It has a probabilistic approach and hence suitable for the projects which are to be conducted for the first time or projects related to research and development. 
PERT uses 3 cases: 
• Optimistic time ⇒ estimates the shortest possible time required for the completion of the activity.
• Most likely time ⇒ estimates the time required for the completion of activity under normal circumstances.
• Pessimistic time ⇒ estimates the longest possible time required for the completion of the activity.

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