Solution

The correct answer is A - I, B - III, C - II, D - IV

Key Points

• A. PERT (Project Evaluation and Review Technique)
  • PERT is a statistical tool used in project management, designed to analyze a range of tasks involved in completing a given project. It is used for non-repetitive work because of its ability to manage uncertainties.
  • PERT involves identifying the longest path in a network of tasks based on their time estimates and dependencies. It allocates a time estimate to each phase of the project, making it possible to anticipate the time needed to complete the project.
• B. Optimistic Time
  • In project management, optimistic time is the best possible time in which an activity can be completed. It assumes that everything will go exactly as planned, with no interruptions or unforeseen delays. This scenario is quite ideal and often doesn’t occur.
  • Optimistic time is used in three-point estimating techniques and PERT calculation. It helps project managers create a time cushion for uncertainties, adjusting the project timeline realistically.
• C. CPM (Critical Path Method)
  • CPM is a step-by-step project management technique to identify activities on the critical path. It is an algorithm for scheduling a set of project activities.
  • The critical path method (CPM) is used for projects that are repetitive, involve activities that are related in a sequence. The primary goal of CPM is to calculate the longest path of planned activities to the end point, to determine key deadlines or schedule compression needs.
• D. Pessimistic Time
  • Pessimistic Time is a term used in project management to estimate the maximum amount of time that it would require to complete a project activity or task.
  • It assumes situations where everything that could go wrong, does go wrong. Essentially, it's the longest time that you'd expect an activity to take. The pessimistic time is used in risk analysis and three-point estimates.