Question

Using the Program Evaluation Review Technique, what is the probability of completing the project on or before 60 days?

Answer 1

It is foreseen that half of the standard project takes around 60 days to complete, and the next half project will take 60 days as well, so the total project takes around 120 days to finish. Probability of finishing the work in 60 days is around 0.6, and if the company wants to complete the whole project in 60 days then they should increase the number of workers for teams on that particular project and every member should take their responsibility seriously and try to complete the project before time. The target can only be serene if the workers and the managers do they work effectively and efficiently and the primary focus should be to achieve the organizational objectives and try to take the competitive advantage over their competitors in the marketplace which will help the company to grow and achieve for the more objectives quickly.

In a company and a project, a Project Evaluation Review Technique helps the managers to find and calculate the exact time to complete a particular task or activity. It allows the company to prepare proper schedules. The proper schedules will ensure coordination among all the departments and the employees. The method also helps the company to cover up the gaps in a product or process. It helps the overall enhancement of performance and operations. The managers need to know the exact time for the completion of a task because it will enact the delegation process. The performance of all the managers will improve and will also increase the chances of gains and profits. There are four types of time-based on the requirements: optimistic, pessimistic, most likely, and expected. The optimistic and pessimistic define the minimum and the maximum time to complete the task, respectively. The most likely time means that there are no problems, and the task will happen at a particular time. The expected time keeps into account the problems and speed breakers in the process. Hence, the probability is half because it is either yes or no. It all depends on the problems and efficiency of operations.