What Is the Best Software for Working with the PERT Formula?

Written by: Ronda Roberts • Edited by: Jean Scheid
Updated May 18, 2011 • Related Guides: Microsoft | Project Management Software

When you want to use the PERT formula in project management software, then you should take care to be sure that the tools you have allow you to do what you need to do. Learn what the best software programs are that allow you to use this helpful project management formula and why you should care.

Many software programs for project managers include the capability to work with the PERT formula or charts. When you need to estimate the amount of time or effort that needs to go into the completion of a task, it can be a valuable tool. PERT stands for "Program Evaluation and Review Technique." The method rests upon three values that are estimated by the project manager: The most likely scenario, the best case scenario (optimistic), and the worst case scenario (pessimistic). The formula can be best expressed thusly:

O+4M+P/6

The number derived through using this formula, then is the estimated amount of time it will take to complete a task or project. Because some project managers may be math-wary, or because they might not be sure about the data they are plugging into the formula, using project management software with PERT capabilities can be a great addition to the project management toolbox. While many of the software programs available include capabilities for working with the PERT formula, there are a few programs that stand out above the rest.

EstimatorPal

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EstimatorPal is a program designed specifically to estimate project cost and duration. While the program is just under $500, companies that need a powerful tool to help them with estimating tasks will find it to be a great help. Naturally, the program allows individuals to use the PERT method for estimating during the project cycle, but you'll also find that there are other benefits to using this program. You receive eleven other estimation formulas as part of the package.

Pros:

Estimate both cost and duration of your projects accurately with the assistance of this product
Outstanding user support is provided
There is no longer a need to memorize formulas when you can plug data into the program
Track previous estimates in one place

Cons:

The cost of this software makes it very useful to software companies, but small businesses may find it prohibitive
The program focuses on estimation only - while this works to its advantage as being a great way to come up with estimates for projects, it also means you will need to track your project schedule and budget in another program.

PlanBee

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PlanBee is fully-functional project management software that allows the creation of both PERT estimates and Gantt charts. This program calculates items such as early start, late start, float and more. The program creators boast that this software is easy-to use. The program offers a 30-day free trial of the software, after which users can pay $29.95 a month. While EstimatorPal offers software that is useful for someone who already has some project management software such as Microsoft Project, PlanBee provides many of the functions of standard project management software.

Pros:

Track your project information and estimates in one place
Create PERT charts from your estimates
Either manually enter task information or import information from a clipboard

Cons:

The subscription cost of the software can add up fast, making it a better choice for a large company than a startup or small business
You will definitely want to take advantage of the documentation for the software. I test a lot of software and found that this was one of the rare instances when I needed to read how to use the program.

PMPal

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Another inclusive software program with both estimation and tracking capabilities is PMPal. Users can create their projects and estimates in one place. Not only can you use the PERT estimation formula in this project management software, but you can manage project change, track metrics you set for your projects, and measure actual time and cost against the estimated time and cost. The program can be downloaded for a free 60-day trial, and then after that, if you would like to purchase the program, you can contact the creators.

Pros:

The program allows you to do everything you might need to do in one place
You can try the software for free for sixty days
There is a lot of support documentation to help you navigate project estimation practices

Cons:

The program's price is not listed on the website
If anything, the program may contain too many features for the small business owner, however, these features can be ignored if you choose to do so.

Other Software Options

MS Project has capabilities for using the PERT formula. It's important not to confuse this capability for estimation with the PERT chart, which is a visual representation of a project's dependency (it is also known as a network chart). While some of the tools for creating PERT charts have estimation capabilities, many do not.

References:

EstimatorPal http://www.chemuturi.com/estimatorpal.html

Furman, J. (2011) The Project Management Answer Book. Vienna, VA: Management Concepts.

PlanBee http://www.guysoftware.com/planbee.htm

PMPal http://www.metricssoftware.com/MSI-PMPal.html

Screenshots provided by Ronda Roberts Levine