PERT Chart

What is a 'PERT Chart'

A PERT chart is a project management tool that provides a graphical representation of a project's timeline. PERT, or Program Evaluation Review Technique, was developed by the United States Navy for the Polaris submarine missile program in the 1950s. PERT charts allow the tasks in a particular project to be analyzed, with particular attention to the time required to complete each task, and the minimum time required to finish the entire project.

BREAKING DOWN 'PERT Chart'

A PERT chart is a graph that represents all of the tasks necessary to a project's completion, and the order in which they must be completed along with the corresponding time requirements. Certain tasks are dependent on serial tasks, which must be completed in a certain sequence. Tasks that are not dependent on the completion of other tasks are called parallel or concurrent tasks and can generally be worked on simultaneously. PERT charts are preferable to Gantt charts because they more clearly identify task dependencies; however, the PERT chart is often more challenging to interpret. As such, project managers frequently employ both methodologies.

RELATED TERMS
  1. Project Management

    The planning and organization of an organization's resources ...
  2. Gantt Chart

    A Gantt chart is a visual representation of a project schedule. ...
  3. Completion Bond

    A financial contract that insures a given project will be completed ...
  4. Scope

    A project management term for the combined objectives and requirements ...
  5. Critical Path Analysis

    A project-management technique that lays out all the activities ...
  6. Assembly Line

    A production process that breaks the manufacture of a good into ...
Related Articles
  1. Executive Compensation

    Project Manager: Job Description & Average Salary

    Discover more about the specific tasks that project managers are responsible for and the average salary that can be expected in such a position.
  2. Professionals

    7. Say No

    These tips will not only make you a better employee, they'll make you a healthier person.
  3. Professionals

    Project Manager: Career Path & Qualifications

    Learn more about what project managers job, the qualifications necessary for the position and the most common careers for these professionals.
  4. Professionals

    What Exactly Do Project Managers Do?

    While supervision is one important part of the job, a lot more goes into project management than just watching everyone work.
  5. Professionals

    Common Interview Questions for Project Managers

    Discover the basic skills needed for a position as a project manager along with common interview questions used in applying for such a position.
  6. Conclusion

    There are a great many different types of traders, and within each category there are sub-categories, and sub-sub-categories, etc. All in all there are many different strategies undertaken. Traders ...
  7. Professionals

    Types of Risk

    CFA Level 1 - Types of Risk. Learn the three types of risk associated with capital budgeting. Covers stand-alone, corporate and market risk.
  8. Personal Finance

    General Dynamics Corp.

    Total Contracts: $5,461,177,000
  9. Professionals

    Introduction To Project Analysis And Valuation

    Valuation analysis is used to evaluate the potential merits of an investment or to objectively assess the value of a business or asset.
  10. Entrepreneurship

    How to Run a One-Person Business

    Learn how to get a successful one-person business up and running with a business plan, financing, time-management tricks and delegation of tasks.
RELATED FAQS
  1. Who developed Critical Path analysis in operations management?

    Read about the origins of critical path analysis, starting in the 1950s with DuPont chemicals and including later improvements ... Read Answer >>
  2. How do companies calculate the estimated duration of a new project?

    Learn about some of the common methods used by companies to estimate the duration of a new project, including those with ... Read Answer >>
  3. How do you use the profitability index rule when scoping out a project?

    Understand the parameters of the profitability index rule and how this rule is used in corporate capital allocation to determine ... Read Answer >>
  4. Why is a bank guarantee important in a long-term project contract?

    Understand what a bank guarantee is and learn why it is so important to the risk and safety of a long-term project contract Read Answer >>
  5. How do you use internal rate of return to calculate a capital budget?

    Learn about how the internal rate of return is used in the creation of a capital budget along with net present value and ... Read Answer >>
  6. How much debt is too much when calculating capital budgeting?

    Learn how companies determine how much debt is acceptable when funding a new project by using the net present value to estimate ... Read Answer >>
Hot Definitions
  1. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  2. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  3. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  4. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  5. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  6. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
Trading Center