The most realistic estimate of the time required to complete an activity is referred to as what?
Options:
A) slack time
B) pessimistic time
C) optimistic time
D) most likely time
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The Correct Answer is option D) most likely time
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Answer Explanation
Project Evaluation Review Technique (PERT)
PERT, or the Project Evaluation Review Technique, is used in project management to determine how long it takes to complete a particular task or activity. A project management system is used to schedule and coordinate all the activities during a project. In addition, it allows one to keep track of the progress of an overall project. The US Navy developed the Project Evaluation Review Technique to manage the Polaris submarine missile program of their Special Projects Office in the 1950s. By using time estimation techniques, you may reduce your reliance on guesswork and be more confident regarding the time frame in which your work can be accomplished. Time estimation demonstrates the art of accurately estimating how long a task will take to complete.
Most Likely Time
Most likely time, expressed as ‘tm‘, represents estimate of time for completion of an activity, which is neither optimistic nor pessimistic, assuming that things should go in a normal way, and if the activity is repeated several times, in most of the cases, it will be completed in time represented by t.
Optimistic Time
An optimistic time, expressed as ‘to‘, is an estimate of the shortest time within which a major operation can be completed given everything goes smoothly and there are no major difficulties. A concept known as optimistic time is used in the Program Evaluation and Review Technique (PERT). In project planning, it represents the shortest time frame within which a task is likely to be completed.
Pessimistic Time
Pessimistic time, expressed as ‘tp,’ represents an estimate of the maximum possible time for an activity to be completed assuming things may not go according to plan and that difficulties may arise. The pert pessimistic time estimate is an estimate of the minimum time an activity will require. Most project teams use the most pessimistic time to estimate activity durations.
MBA,BBA.
I am Smirti Bam, an enthusiastic edu blogger with a passion for sharing insights into the dynamic world of business and management through this website.
I hold a MBA degree from Presidential Business School, Kathmandu, and a BBA degree with a specialization in Finance from Apex College,
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