PERT is widely used as a tool for managing large-scale projects. The traditional PFRT approach uses the beta distribution as the distribution of activity duration and estimates the mean and the variance of activity duration based on the “pessimistic”, “optimistic” and “most likely” time estimates. Several authors have modified the original three point PERT estimators to improve the accuracy of the estimates. This article proposes new approximations for the mean and the variance of activity based on “pessimistic”, “optimistic” and “most likely” time estimates. By numerical comparison with actual values, the proposal is shown as more accurate than the original PERT estimates and its modifications. Another advantage of the proposed approximation is that it requires no assumptions about the parameters of the beta distribution as in the case of existing ones.
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