Course Content
Probability Distributions
Probability Distribution – Binomial, Poisson, Normal, and Exponential
0/5
Facility Location and Layout
Site Selection and Analysis, Layout Design and Process
0/3
Quality Management
0/1
Unit VIII: Business Statistics and Operations Management
Feature PERT CPM
Time Estimates Uses three estimates (optimistic, pessimistic, most likely) Uses a single, fixed time estimate
Uncertainty Designed to handle uncertainty Assumes fixed, deterministic durations
Focus Focuses on probabilistic scheduling Focuses on critical path and project duration
Use Case Best for uncertain, complex projects (e.g., R&D, technology) Best for predictable projects (e.g., construction)
Critical Path Identifies critical path, but the main focus is on time estimates Strong emphasis on identifying and managing the critical path
Risk Management Considers uncertainty and variability Assumes known durations, less focus on risk