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Probabilistic PERT
PERT Assumptions
Assumption 1
A critical path can be determined by using the mean completion times for the activities. The project mean completion time is determined solely by the completion time of the activities on the critical path.
Assumption 2
There are enough activities on the critical path so that the distribution of the overall project completion time can be approximated by the normal distribution.
Assumption 3
The time to complete one activity is independent of the completion time of any other activity.
90 15 5 20 20 21 21 25 25 14 14 28 28 28 30 30 30 45 45 45
7.33 1.00 0.33 3.00 3.00 1.00 1.00 2.33 2.33 2.00 2.00 1.33 1.33 1.33 4.67 4.67 4.67 3.67 3.67 3.67
2 2 2 53.73 1.00 1.00 0.11 0.11 9.00 9.00 1.00 1.00 1.00 5.43 5.43 5.43 4.00 4.00 4.00 1.77 1.77 1.77 21.81 21.81 21.81 13.47 13.47 13.47
85.66
2 85.66
9.255
What is the probability the project will be finished within 194 days?
P(X < 194)
2.
Give an interval within which we are 95% sure of completing the project.
X values, xL, the lower confidnce limit, and xU, the upper confidnce limit, such that P(X<xL) = .025 and P(X>xU) = .025
3.
What is the probability the project will be completed within 180 days?
P(X < 180)
4.
What is the probability the project will take longer than 210 days.
P(X > 210)
5.
Excel Solutions
NORMDIST(194, 194, 9.255, TRUE) NORMINV(.025, 194, 9.255) NORMINV(.975, 194, 9.255) NORMDIST(180, 194, 9.255, TRUE)
Enter a, m, b instead of
The project will finish in the period from 180 to 200 days
Klonepalm will net an additional $400,000
For each scenario find the expected profit: Expected Additional Profit
1000000(P(X<180)) + 400000(P(180<X<200)) + 0(P(X>200))
Subtract the two expected values. If the difference is less than the cost of the training, do not perform the additional training.
Caution: These are expected values (long run average values). But this approach serves as a good indicator for the decision maker to consider.
The Calculations
The PERT-CPM template can be used to calculate the probabilities.
No Additional Training = 194 = 9.255 .065192 $ 65,192 .676398 $270,559 .258410 .111287 .729561 $291,824 Additional Training = 189 = 9.0185 .159152 $159,152
Total = $335,751
Net increase = $450,976-$335,751 = $115,225 This is less than the $250,000 required for training.
Review
3-Time Estimate Approach for PERT
Each activity has a Beta distribution Calculation of Mean of each activity Calculation Variance and Standard Deviation for each activity