Estimating time to complete your projects

 We all plan! We all anticipate the outcome and many a times we were correct that our project or our job will be completed within a certain time-limit as per our budget based on our past experiences. Here are few efficient project management techniques demystified: Budgeted Vs. Critical Path Method Vs. PERT analysis. Here, we always got the best estimate using the first two methods and an example of it is below:

Budgeted Timescales Vs. CPM vs. PERT

 Note: (M)= Exact number of days taken to complete the task. A cellular company erects towers all over the country and has the best budgeted time-scales and they are used directly into the CPM above. When, the same was used in PERT to find out the truth, PERT inflated the results by 29 days which is not unusual due to the weights assigned to the formula. 

Next, I left a loophole for you to understand the advantages of CPM- Purchasing, Warehousing & Bulldozing can be done in the same 7 days period.

Finally, PERT is useful when we are stuck in the ruts with no past data!!

Please don't hesitate to contact me by dropping in a comment. Also, please check out my other few basic analysis which are like myth-busters.