Part 1 = Deliverable Length: 400-600 wordsThere are various ways of forecasting the schedule and cost of a project. You know that the forecasting techniques that you use and their accuracy will affect the CIO’s perspective on your work. Your CIO would now like for you to address the following issues in a presentation for the various staff members involved in the project:What are the advantages of inflating a project based on PERT estimating or incorporating risk?What are the disadvantages of inflating a project based on PERT estimating or incorporating risk?How does this technique compare with estimating or forecasting techniques you have used in the past?Part 2 = Deliverable Length: 1000-1500 wordsThe CIO wants to make sure that your project schedule is accurate, that the project does not bring big surprises that are not planned for, and that he can be sure that what is needed gets accomplished. Your presentation to the project staff on the PERT techniques was highly appraised. However, having reviewed your WBS and the project time estimates, the CIO is now concerned about the project schedule and would like to see if the schedule can be shortened. Review your project WBS and activity durations and estimates and perform schedule compression techniques such as crashing, fast-tracking, and scope reduction. Then, write a memo to him assuring him of how you have reviewed ways to shorten the schedule and how all these things are controlled; explain the value of PERT estimating, critical path, schedule compression techniques, risk matrices, and earned value management. In your write-up be sure to advise the CIO whether or not your review techniques resulted in shortening the project duration, and indicate whether or not this will affect the overall project cost and quality.Assignment Guidelines:Research the following:The value of Program Evaluation and Review Technique (PERT) estimatingThe value of Critical Path Method (CPM)The value of schedule compression techniquesRisk matricesThe value of Earned Value Management (EVM)In 1,000–1,500 words, address the following:Explain how each of the above project management elements or concepts affect the scheduling and controlling of a project.Explain how the above project management elements or concepts affect a project manager’s ability to make project and segment trade-offs.Submit your updated MS Project WBS.Use correctly APA style formatted references of solid academic quality for your resources and use correctly formatted APA style in-text citations to your references to substantiate your information and positions as well as to give credit to other author’s work.