What schedule analysis simulation tool allows you, the project manager, to review possible combinations of events such as optimistic, most likely and pessimistic outcomes for your project?
What schedule analysis simulation tool allows you, the project manager, to review possible combinations of events such as optimistic, most likely and pessimistic outcomes for your project?
The schedule analysis simulation tool that allows a project manager to review possible combinations of events such as optimistic, most likely, and pessimistic outcomes for a project is PERT (Program Evaluation Review Technique). PERT uses a formula that takes into account the optimistic, most likely, and pessimistic time estimates to calculate an expected time duration. This technique is specifically designed for estimating the duration of tasks in a project schedule based on these three scenarios.
PERT, A
A is the right answer. The PERT estimate (E) is based on a formula that includes your optimistic time estimate (O), your most likely time estimate (M) and your pessimistic time estimate (P). The basic equation is this: E = (O + 4M +P) / 6
Monte Carlo Simulation: In contrast with PERT, the Monte Carlo simulation is a statistical technique used to understand the impact of risk and uncertainty in project plans. It performs risk analysis by building models of possible results by substituting a range of values—a probability distribution—for any factor that has inherent uncertainty. It then calculates results over and over, each time using a different set of random values from the probability functions. This method is particularly useful for analyzing the range of possible outcomes in a project's schedule, cost, or other key variables.
A is better.
Ans A: Pert - just refer to the formula
A is a correct answer by definition