If you’d like to get a sneak peek at the next edition of Statistical PERT which uses the beta distribution, you’ve come to the right spot! This still-under-development release of the SPERT-Beta Excel workbook will only be available through this blog, not through the download page of the Statistical PERT website (which currently offers SPERT downloads using Excel functions for the normal distribution).
This SPERT-Beta workbook works just like all the other SPERT workbooks and templates. Just add a 3-point estimate and make a subjective opinion about how likely the most likely outcome really is. That’s it! The SPERT-Beta formulas correlate your 3-point estimate to a matching set of beta distribution shape parameters which then can be used in Excel’s BETA.DIST and BETA.INV functions.
There’s a lot I could say about how this template is constructed, and that will come out in time. Right now, if you download and use this template, feel free to share with me any issues, questions or problems you have. Keep in mind that this is a work-in-progress, and visit here often to obtain the latest SPERT-Beta downloads.
(Visit the Download page to download the latest version of Statistical PERT – Beta Edition).