Final answer:
The technique using optimistic, pessimistic, and realistic times to calculate expected task duration is known as Program Evaluation and Review Technique (PERT). It helps in project planning when there’s uncertainty in task duration, leading to better projections and task management.
Step-by-step explanation:
A technique that uses optimistic, pessimistic, and realistic time to calculate the expected time for a particular task is known as the Program Evaluation and Review Technique (PERT). This mathematical tool helps in identifying and understanding the time required for completing a project when there is uncertainty in the estimate of the duration of the activities.
To calculate the expected time (TE) for a task using PERT, you apply the formula:
- TE = (Optimistic Time + 4 × Realistic Time + Pessimistic Time) / 6
This formula gives a weighted average that more heavily emphasizes the realistic time estimate, while still taking into account the best and worst scenarios. Once you complete the tasks using the estimated times, it is important to draw a conclusion on whether your results support your estimated times or if any outcomes were unexpected.
This assessment helps in refining time estimates for future projects and understanding variables that may contribute to task duration.