Project Management

Statistical PERT

Tool Specs

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Statistical PERT® is a freely licensed, stochastic estimation technique for use with Microsoft Excel 2010 or later.  Use Statistical PERT to estimate any project uncertainty, like task duration, project completion date, project cost—any uncertainty that has a bell-shaped property.  Project managers use Statistical PERT to choose probabilistic planning estimates that evaluate a wide-range of possible project outcomes, instead of predicting just one, single outcome. 

Statistical PERT aligns key stakeholders.  Everyone can see the likelihood of estimation success—and  failure.  Statistical PERT improves decision-making, too, because project sponsors can make risk/reward decisions by choosing project estimates that fit their risk tolerance and risk appetite.  Project managers can quickly determine how much risk increases by shrinking a project schedule or budget, and they can use this information to negotiate with their sponsor for increased time and resources.

Statistical PERT uses the built-in functions of Microsoft Excel.  There is nothing to buy or install.  All templates are freely licensed using the GNU General Public License.

Using Statistical PERT is easy—just three steps.  First, enter a 3-point estimate (minimum, most likely, maximum) for a project uncertainty, like task duration.  Second, render a subjective opinion about how likely the most likely outcome really is.  Third, choose a planning estimate that best fits the needs of your project.  That’s it!

Categories

Agile
Application Lifecycle Management
Budgeting and Forecasting
Change Management (Version Control)
Collaboration
Document Management
Enterprise Portfolio Management
Expense Tracking
File Sharing
Issue Tracking
Metrics Tracking
Process Management
Professional Services Automation
Program Management
Project Accounting
Project Management
Project Portfolio Management
Reporting
Requirements Management
Resource Management
Risk Management
Scheduling
Service Management
Time Keeping
Workflow Management
Workforce Management

Features

Action Item Tracking
Approval/Workflow Management
Archiving Processes
Archiving Templates
Assignment Tracking
Benefits Documentation and Tracking
Best Practices Management
Billing & Chargeback Tracking
Budgeting & Forecasting
Change/Version Management
Collaboration
Custom User Interface
Customizable Fields
Customizable Functionality
Customizable Reporting
Data Import/Export to MS Excel
Data Import/Export to MS Project
Document Management
Email Integration
Estimating
Executive Dashboarding
Expense Tracking
Fault Management
File Sharing
Gantt Charting
Issue Management
Knowledge Management
Legacy System Integration
Methodology/Process Management
Metrics Management
Milestone Tracking
Mobile Access
Multi-Currency
Multi-Language
Percent-Complete Tracking
Pert Charting
Portfolio Management
Progress Tracking
Project Accounting
Project Estimating
Project Template Customization
Project Template Integration
Project Workflow
Quality Management
Records Management
Reporting (Financial)
Reporting (Progress)
Requirements Management
Resource Management
Risk Management
Scheduling
Software Development Kit
Task Management
Template Customization Support
Time Tracking
Total Cost Tracking
Workforce Management

Platforms

Linux/Unix
Mac
Open Source
Other
Software as a Service
Windows

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