PERT analysis 3-point estimates of costs ($ 1,000) PERT formulas Tasks O ML P mean variance WP.1 35 40 50 40.83 6.25 WP.2 80 90 110 91.67 25.00 WP.3 38 40 45 40.50 1.36 WP.4 50 60 80 61.67 25.00 WP.5 20 20 30 21.67 2.78 Sum 223 250 315 256.33 60.39 Total Cost Distribution The expected value (mean) of the total cost is (in $ 1,000) The variance of the total cost is The standard deviation of the total cost is (in $ 1,000)