PERT (Program Evaluation and Review Technique)

By: A Staff Writer

Updated on: Jul 19, 2024

What is it: Calculates more realistic project durations by considering optimistic, pessimistic, and most likely time estimates for each task.

Who: The US Navy during development of the Polaris missile.

Why: Helps entrepreneurs manage uncertainty, set buffers into timelines, and identify the riskiest tasks.

When: For projects with significant unknowns, where overly precise estimates are misleading.

How:

1. 1. Estimate 3 durations for each task (optimistic, pessimistic, most likely).
   2. Calculate weighted averages to determine expected duration.