Project Management with VERT-3

Abstract

As we saw in chapters 2 and 3, network planning and control techniques have found heavy application in project-type environments over the past twenty-five years. Traditionally, the most widely used networking techniques have been the deterministic PERT/CPM and related approaches, used largely to plan and control well-defined, nonrepetitive endeavors. Stochastic techniques such as GERT and VERT overcome many of the limitations of the deterministic systems by allowing the inclusion of probabilistic events and thus giving the manager or planner a more realistic picture of the likely effects of risk and uncertainty on a project’s results, time, and cost. This ability has made the stochastic technique much more valuable to the manager/planner who must evaluate alternative project concepts and approaches.