Project Time Cost Management Analysis 2022

Running head: PROJECT TIME COST MANAGEMENT
PROJECT TIME COST MANAGEMENT
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PROJECT TIME COST MANAGEMENT1
PERT Analysis
Introduction
Program Evaluation and Review Template (PERT) is the method that is used for
examining the tasks which are in schedule as well as determine Critical Path Method (CPM)’s
variation. This analyses time that is required for completing evert task along with the associated
dependencies for determining minimum time for completing a project. This estimated shortest
possible period of time which would be taken by each task (Ballesteros-Perez 2017). For
conducting PERT analysis, there is collection of three time estimates such as most likely,
optimistic and pessimistic for every activity along with critical path. There is use of the estimates
for calculating time required for each stage of a project.
PERT Chart or Project Network
Management is helped by project network for calculating estimation of time to complete
a project. This provides also idea of series where several activities are carried out as well as
estimated time taken for completing every task. Through PERT chart, few elements could be
quickly identified such as event, activity and critical path. An event could be understood as node
where an activity begins or ends. Activity refers to actions taken for accomplishing as part of
execution process of a project (Akpan and Agadaga 2020). Estimated time that is required to
perform specific task is stated. Critical path is path that passes through every essential activities
that are performed in sequence as well as links first event with last event.