1. DEMO VIDEO: Statistically Mitigating Subjective, Duration Estimates
2. HOW TO INSTALL PMC ESTIMATOR FROM GOOGLE MARKETPLACE
4. Detailed Description of Google Marketplace App: PERT & Monte Carlo Project Estimator
The PERT & Monte Carlo Project Estimator is a powerful tool designed to improve project estimation accuracy through advanced statistical methods. By leveraging the PERT (Program Evaluation and Review Technique) method and Monte Carlo simulations, this app provides project managers with reliable, data-driven forecasts, enhancing decision-making and risk management.
Our app significantly enhances estimation accuracy by utilizing PERT analysis to calculate the mean and standard deviation for project tasks. It then applies Monte Carlo simulations to generate a range of possible outcomes, offering a comprehensive view of project timelines. This approach helps project managers identify potential variations in project durations and their probabilities, providing confidence intervals and recommendations for project timelines to prepare for uncertainties.
Data-driven decision-making is a cornerstone of the PERT & Monte Carlo Project Estimator. The app integrates expert judgment with quantitative analysis, supporting more informed and confident decisions. It also visualizes distribution plots and confidence levels for better understanding and communication with stakeholders, making complex data more accessible and actionable.
The app is designed to be scalable and adaptable, suitable for projects of all sizes, from small tasks to large programs, and flexible enough to be used in various industries and project management contexts. Seamlessly integrating with Google Sheets, the app adds custom PERT columns for easy access and manipulation, allowing users to plot distribution graphs directly within Google Sheets for visual analysis.
Key functionalities include automatically adding columns for PERT Mean, Standard Deviation, and Monte Carlo simulation results to your active Google Sheet, simplifying the data entry process and ensuring consistency across your project estimations. The app generates thousands of random samples using Gaussian and Beta distributions to simulate potential outcomes, calculating the mode, 90th percentile, and other critical metrics for a comprehensive risk analysis. Users can visualize the distribution of project estimates using Google Charts, choosing from Triangular Distribution, Beta Distribution, and Monte Carlo on Beta Distribution plots to gain insights into the variability and confidence of their estimates. Additionally, the app provides data-driven recommendations based on the Monte Carlo simulation results, offering a clear and concise interpretation to help understand the implications for project timelines and resource allocation.
The PERT & Monte Carlo Project Estimator offers a blend of expert judgment and statistical rigor, providing project managers with a robust tool for improving estimation accuracy. Whether managing a small project or a large program, this app helps make better-informed decisions, optimize resource allocation, and mitigate risks effectively. By combining the best practices of PERT analysis with the power of Monte Carlo simulations, the app ensures you have the insights needed to navigate the complexities of project management with confidence and precision.
Download the PERT & Monte Carlo Project Estimator today and elevate your project estimations to the next level!Many projects that operate under tight budgets and schedules do not allow for the additional time and resources required for statistically rigorous estimations of duration.
Disclosure: PMC Estimator’s use and transfer to any other app of information received from Google APIs will adhere to Google API Services User Data Policy, including the Limited Use requirements.
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