PERT Calculations Typically Include the Duration Variance of Each Activity

question 32

Essay

PERT calculations typically include the duration variance of each activity. What is the purpose of this calculation-what's the role of variances in PERT analysis?

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Definitions:

Oligopoly

A market structure in which a few firms sell either a standardized or differentiated product, into which entry is difficult, in which the firm has limited control over product price because of mutual interdependence (except when there is collusion among firms), and in which there is typically nonprice competition.

Innovate

The act of introducing new ideas, devices, or methods to improve productivity, efficiency, or creating new products or services.

Innovation

The process of introducing new ideas, devices, or methods, often leading to technological progress or improved solutions.

Invention

The creation of a new product, service, or process, often one that has never been made before, resulting from study and experimentation.