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PERT and CPM Situation Estimation Techniques

In what situations should the PERT estimation technique be used?
Use advantages and disadvantages to support your arguments.
In what situations should the CPM estimation technique be used?
Use advantages and disadvantages to support your arguments.
Are there any other project management cost and scheduling estimation techniques available that you feel are more useful than PERT or CPM?
Which estimation technique do you prefer to use? Why?

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Situations in Which PERT Estimation Technique May be Used with Corresponding Advantages and Disadvantages
The program evaluation and review technique (PERT) is a quantitative analysis technique that helps managers plan, schedule, monitor, and control large projects (Render, 2000). Hence, this technique is recommended for large projects that comprise numerous and complex set of activities. It is also recommended for projects in which estimates of completion time may be made with the greatest accuracy possible.
The following are among its advantages:
1. It provides a picture of the activities that would comprise a project from the start up to its completion.
2. The sequence and duration of activities can be clearly seen.
3. It will allow a manager to determine prioritization in relation to utilization of resources.
4. It is an effective control measure on the part of the management because progress of work in each activity may be compared with the expected completion time. The gap would serve as a basis in coming up with corrective measures in stages before the actual completion of a project. Hence a problem is addressed before it aggravates.

On the other hand, the following may be considered as its disadvantages or some of the ...

Solution Summary

PERT and CPM situation estimation techniques are examined.