PCPM means Probabilistic Critical Path Method. It is based on decades of research and development after completing my Ph.D. in Management Science and Information Systems. The title of my thesis was “Time, Cost and Performance Tradeoffs in Project Management”.
PCPM deals with time, cost and performance in a probabilistic way by allowing probabilistic crashing. The breakthrough came when I discovered how to calculate the shape parameters of beta distributed activity duration times based on minimum, most likely and maximum duration times. These equations allow the simulation of the project (and milestones) duration times, and consider not only the range parameters, but also the mean and variance. PCPM is a comprehensive project management methodology that is implemented in software called Schedule. Following is a sketch of the Interactive Graphic User Interface (Interactive GUI) allowing users to get a probabilistic sense of the tradeoffs among time, cost and performance. Following is how the Interactive GUI looks like.