Program Evaluation and Review Technique (PERT). A technique for estimating that applies a weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates.
Monte Carlo Analysis. A technique that computes or iterates, the project cost or project schedule many timesusing input values selected at random from probability distributions of possible costs or durations, to calculate a distribution of possible total project cost or completion dates.
Monte Carlo Simulation. A process which generates hundreds or thousands of probable performance outcomes based on probability distributions for cost and schedule on individual tasks. The outcomes are then used to generate a probability distribution for the project as a whole.
madunix (not verified)
Fri, 02/15/2013 - 20:22
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Program Evaluation and Review
Program Evaluation and Review Technique (PERT). A technique for estimating that applies a weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates.
Monte Carlo Analysis. A technique that computes or iterates, the project cost or project schedule many timesusing input values selected at random from probability distributions of possible costs or durations, to calculate a distribution of possible total project cost or completion dates.
Monte Carlo Simulation. A process which generates hundreds or thousands of probable performance outcomes based on probability distributions for cost and schedule on individual tasks. The outcomes are then used to generate a probability distribution for the project as a whole.