Better estimation of PERT activity time parameters

This paper builds upon earlier work from the decision/risk analysis area in presenting simple, easy-to-use approximations for the mean and variance of PERT activity times. These approximations offer significant advantages over the PERT formulas currently being taught and used, as well as over recently proposed modifications. For instance, they are several orders of magnitude more accurate than their PERT counterparts in estimating means and variances of beta distributions if the data required for all methods are obtained accurately. Moreover, they utilize probability data that can be assessed more reliably than those required by the PERT formulas, while still requiring just three points from each activity time probability distribution. Using the proposed approximations can significantly improve the accuracy of probability statements about project completion time, and their use complements ongoing efforts to improve PERT analyses of networks involving multiple critical paths.