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Day: 6 March 2020

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Decision Tree Analysis for Making Decision Under Uncertainty

Why Decision Tree Analysis? Product Development: Before discussing anything on product development let us discuss what is the product? Precisely, a product is ‘Any Thing or Things produced’. More precisely, as per engineering and manufacturing perspective, products are purchased as a raw material and sold as finished goods. In a real world, Product can be tangible or intangible. […]
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Digital World, 2nd machine age

Earned Value Management (EVM) Concept

Earned Value Managment – EVM. Why is it so important? Earned Value Management (EVM) has always been challenging to understand. EVM covers 4 to 5 questions in the exam. I am going to narrate an example to explain this concept: Q – A company ABC is hired to install underground pipes for water supply to […]
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How to Perform PERT Analysis Manually

One – Point estimation reflects one value per activity. It is based on expert judgement, experience, expert opinion or historical information. Fear of padding is always a major concern with one-point estimation. Also, it does not reflect risk or uncertainty associated to schedule or cost estimation. Therefore, Three-point (3) estimation is preferred for activity duration […]
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