SBM1201 Project Scope, Time, and Cost Management: PERT Analysis Report

This assignment focuses on the Program Evaluation and Review Technique (PERT) analysis, a probabilistic method for project management, contrasting it with the Critical Path Method (CPM). The student explains the core concepts of PERT, emphasizing its stochastic nature and use of beta probability distribution to estimate activity durations. The assignment details the three estimates (m, a, and b) required for PERT calculations and highlights the importance of understanding PERT for effective project scope, time, and cost management. The student reflects on the value of questioning in PERT analysis and how it enhances the ability to manage project resources. The assignment concludes with a plan to apply the learned concepts of PERT in future projects for improved scope, cost, and time management, and also highlights the usefulness of the estimated duration for resource allocation and task analysis within a project.

Running head: PROJECT SCOPE TIME AND COST MANAGEMENT
PROJECT SCOPE TIME AND COST MANAGEMENT
Name of the Student:
Name of the University:
Author Note:

1PROJECT SCOPE TIME AND COST MANAGEMENT
PERT Analysis
Describe
Recommended reading for this week is Program Evaluation and Review Technique
(PERT Analysis) theory for project cost, scope and time management. PERT theory was
developed with parallel to Critical Path Method (CPM). There are similarities between PERT
and CPM. It is observed that PERT is stochastic or probabilistic in nature. PERT’s fundamental
aim is tracking progress of project as well as show at several separate time intervals and
probability to complete a project within time. In PERT, activity’s duration is random variable
having relatively huge variances (Akpan and Agadaga 2020). As there is no availability of
reliable data for evaluating specific PERT distribution, this is assumed that this falls on beta
probability distribution curve. Beta distribution could be described by standard and mean
deviation that are calculated by three estimates of duration of activity.
Interpret
Understanding importance of PERT analysis is essential to my understanding for project
time, scope and cost management (Nagar 2017). This helps to strengthen my use for handling
projects and programs which consist of several activities. As observed, in PERT analysis, three
estimates m, a and b of duration of activity are to be calculated, where m is an activity’s time
duration, a is activity’s most positive duration and b is most negative time estimate. Expected
duration of project should be calculated by PERT analysis (Jankowski 2017). Asking and
clarifying questions on PERT analysis in project work allow in identifying which resources are
required for effectiveness of project.

2PROJECT SCOPE TIME AND COST MANAGEMENT
Evaluation
There is a huge benefit of understanding crucial role of questioning about PERT analysis
is that this could give me much more confidence of asking questions. This changes my view to
question about PERT analysis. In this week, I learnt about PERT analysis and how this could be
implemented within project for scope, time and cost management. By using PERT analysis,
deadline is set for each task which is involved in project (Kholil and Alfa 2018). I understand the
usefulness of PERT analysis for scope, cost and time management of a project as idea of
estimated duration would help in ascertaining need of human and financial resources.
Plan
I believe this new understanding would be quite useful for managing scope, time and cost
management within a project in future. I would endeavor to manage scope, cost and time
management in a project. I would use this knowledge which I learnt in this week about PERT
analysis for managing scope, cost and time management in a project in future. The knowledge
about PERT analysis is really helpful to me as I could implement this analysis in future. I could
use PERT analysis in future in a project to determine the estimated duration of a project as well
as to analyze tasks that are involved within a project.

3PROJECT SCOPE TIME AND COST MANAGEMENT
References
Akpan, N.P. and Agadaga, G.O., 2020. Modelling Building Renovation Using PERT. Asian
Research Journal of Mathematics, pp.25-38.
Jankowski, J.R., 2017. Comparison of quantitative analysis of construction project risk using
PERT method and simulation techniques (Doctoral dissertation, Instytut Inżynierii Budowlanej).
Kholil, M. and Alfa, B.N., 2018, November. Optimization of Production Process Time with
Network/PERT Analysis Technique and SMED Method. In IOP Conference Series: Materials
Science and Engineering (Vol. 453, No. 1, p. 012050). IOP Publishing.
Nagar, M.M.D., 2017. Project Management techniques: PERT and CPM. Asian Journal of
Computer Science Engineering, 2(2), pp.28-31.