Using Program Evaluation and Review Technique Essay Example

The PERT network, typically used to analyze activity sequences for achieving goals, determines completion times for processes by interpreting events as points in time. This methodology presents valuable probability techniques for management to assess risk factors. However, a modified PERT network can be utilized for evaluating risk factors to determine the risk associated with each activity and the overall risk of the system. This modified methodology can be applied to manage nuclear and chemical process facilities, evaluating the overall operation rather than losses in a single material balance area. An organized approach to identifying risks associated with a program comprises finding real risks beyond just schedule and cost. Risk events are events that may benefit or harm a program while opportunity events describe risks that favorably