Pert Vs. Monte Carlo

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Issue:

Science

 

Written by:

Susan C

 

Date added:

June 25, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

9 / 2406

 

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5730 times

 

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Essay content:

PERT became popular around the same time computers were progressing from the mainframe to mini-computers. During the evolution of computer technology, advanced programs were developed to provide further probabilistic estimates via simulations (Monte Carlo Analysis). B) PERT assumes the Beta probability distribution to calculate the expected time of an activity within a network...
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PERT requires that for each activity, three duration estimates are needed (optimistic, most likely, pessimistic). This distribution is used for PERT since there was no set basis for selecting a specific distribution and was accepted in order to derive an equation. The Beta distribution is also used to calculate the variance and standard deviation of each task and ultimately the entire project via the critical path...
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