The term ' PERT ' stands for :
Programme Evaluation and Review Technique
PERT Meaning and Explanation
The question asks for the full form of the acronym 'PERT'. PERT is a widely used project management tool designed to help plan, schedule, and manage complex projects.
Understanding PERT
PERT, or Programme Evaluation and Review Technique, is a statistical tool used in project management to analyze the tasks involved in completing a given project, especially the time needed to complete each task, and to identify the minimum time needed to complete the total project. It's particularly useful for projects where task durations are uncertain.
Analyzing the Options
Let's look at each option provided:
- Programme Evaluation and Review Committee: This option uses the word 'Committee', which is incorrect. PERT is a technique, not a committee.
- Programme Evaluation and Review Technique: This option correctly expands all parts of the acronym PERT. 'Programme' (or Program), 'Evaluation', 'Review', and 'Technique' accurately represent the components of this project management methodology.
- Pre Education and Research Training: This option starts with 'Pre Education', which does not align with the standard meaning of PERT.
- Pre Education Research Technique: Similar to the previous option, this starts incorrectly with 'Pre Education'.
Why PERT is Programme Evaluation and Review Technique
The correct expansion, Programme Evaluation and Review Technique, accurately reflects the purpose of PERT. It involves:
- Programme/Project: Refers to the overall undertaking.
- Evaluation: Assessing the progress and status of the project tasks.
- Review: Regularly examining the project plan and execution.
- Technique: It is a structured methodology or approach.
PERT helps in managing uncertainties by using probability and statistics, often employing a three-point estimation for task durations (optimistic, most likely, and pessimistic times) to calculate expected durations and variance.
Important Questions from Project Management
Factors which govern the operating cost of an equipment are :
1. Purchase price of the equipment
2. Depreciation due to regular use
3. Cost of operation, maintenance and repairs
Which of the above statements are correct ?
In Emerson's efficiency plan of wage incentive system, the bonus is paid to-
Match List I with List II
LIST I
(Project Network concepts)
LIST II
(Underlying meaning)
A. Crashing an activity I. Length of the longest path through the project network B. Project Network II. It shows the time and cost when the activity is fully crashed C. Critical path III. It consists of a number of nodes and a number of arcs that connects two different nodes D. Crash point IV. Taking special (costly) measures to reduce the duration of an activity below its normal value Choose the correct answer from the options given below:
The following statements relate to project network. Choose the correct code for the statements being correct or incorrect.
Statement I: An activity cannot be represented by more than one arrow, but an arrow can represent one or more activities.
Statement II : The activities in a critical path can be preponed or postponed.
A public limited company has 9,00,000 shares outstanding at current market price of Rs. 130 per share. The company needs Rs. 2.25 crores to finance its proposed new project. The board of the company has decided to issue rights shares to raise the required money at Rs. 75 per share (as subscription price) to ensure that the rights issue is fully subscribed. How many rights are required to purchase a new share ?
