Open AccessTeaching Note—Teaching Project Simulation in Excel Using PERT-Beta Distributions
Author(s) -
Ron Davis
Publication year - 2008
Publication title -
informs transactions on education
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.161
H-Index - 3
ISSN - 1532-0545
DOI - 10.1287/ited.1080.0013
Subject(s) - beta distribution , computer science , beta (programming language) , crystal ball , carry (investment) , ball (mathematics) , microsoft excel , operations research , statistics , mathematics , programming language , operating system , physics , mathematical analysis , finance , particle physics , economics
T paper presents the methodology for computing the correct general formulas for the PERT-beta distribution, and how they are used to carry out stochastic project duration simulations using the built-in tools available in Excel. A comparison with results obtained using the Excel add-ins Crystal Ball, @Risk, RiskSolver, and PopTools is included. Slightly different parameterizations are used by each application, so various forms of the formulas are shown for each case.
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