These time-estimates are used in the time-cost optimization , in the critical
path method . We have specified the relations between resource as cost
which can be worked out separately .
- PERT time estimate : In this technique , it is assumed that the activity durations follow a stochastic duration . Generally , - distribution is assumed in the model . To specify the procedure , following three activity durations are chosen -
- Most likely time,
- Most optimistic time,
- Most pessimistic time.
- Most likely time
 : This time is the time when activity has more probability to occur than any other activity . This is the tallest pick in the probability distribution, i.e. mode .
- Most optimistic time
 : This time has 95% fastest occurrence than the occurrence of any other activity. This is the shortest duration assumed .We mean here is that optimistic time has 19 times fastest in every 20-occurrence time.
- Most pessimistic time
 :This time has 95% slowest occurrence than the occurrence of any other activity . This is the longest duration assumed .We mean here is that pessimistic time has 19 times slowest in every 20-occurrence time.
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