Comparison of Project Scheduling techniques: PERT versus Monte Carlo simulation

Abstract

With an increase in the focus on achieving customer satisfaction, manufacturing industries are aiming to optimise their processes to a great extent. In any project the constraints of schedule, budget, scope and quality which form the basis of the project management triangle can be fulfilled by implementing project management planning tools & techniques appropriately. In this research study PERT (Program Evaluation and Review Technique) is applied on a project to evaluate the probability of project completion. Another scheduling tool which has gained popularity in recent times is the Monte Carlo simulation. This technique is applied on the same project to perform schedule risk analysis by evaluating the criticality index. The results of both the techniques are compared using hypothesis test to evaluate the more suitable one which can be used practically as a scheduling tool.