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The Cherenkov Telescope Array (CTA) will be able to perform unprecedentedobservations of the transient very high-energy sky. An on-line science alertgeneration (SAG) pipeline, with a required 30 second latency, will allow thediscovery or follow-up of gamma ray bursts (GRBs) and flaring emission fromactive galactic nuclei, galactic compact objects and electromagneticcounterparts of gravitational waves or neutrino messengers. The CTA sensitivityfor very short exposures does not only depend on the technological performanceof the array (e.g. effective area, background discrimination efficiency). Thealgorithms to evaluate the significance of the detection also define thesensitivity, together with their computational efficiency in order to satisfythe SAG latency requirements. We explore the aperture photometry and likelihoodanalysis techniques, and the associated parameters (e.g. on-source tooff-source exposure ratio, minimum number of required signal events), definingthe CTA ability to detect a significant signal at short exposures. Theresulting CTA differential flux sensitivity as a function of the observingtime, obtained using the latest Monte Carlo simulations, is compared to thesensitivities of Fermi-LAT and current-generation IACTs obtained in theoverlapping energy ranges.

The Cherenkov Telescope Array sensitivity to the transient sky