  Aims: The optical variability of the blazar PKS 2155-304 is investigated to
characterise the red noise behaviour at largely different time scales from 20
days to O(>10 yrs). Methods: The long-term optical light curve of PKS 2155-304
is assembled from archival data as well as from so-far unpublished observations
mostly carried out with the ROTSE-III and the ASAS robotic telescopes. A
forward folding technique is used to determine the best-fit parameters for a
model of a power law with a break in the power spectral density function (PSD).
The best-fit parameters are estimated using a maximum-likelihood method with
simulated light curves in conjunction with the Lomb Scargle Periodogram (LSP)
and the first-order Structure Function (SF). In addition, a new approach based
upon the so-called Multiple Fragments Variance Function (MFVF) is introduced
and compared to the other methods. Simulated light curves have been used to
confirm the reliability of these methods as well as to estimate the
uncertainties of the best-fit parameters. Results: The light curve is
consistent with the assumed broken power-law PSD. All three methods agree
within the estimated uncertainties with the MFVF providing the most accurate
results. The red-noise behaviour of the PSD in frequency f follows a power law
with f^-{\beta}, {\beta}=1.8 +0.1/-0.2 and a break towards f^0 at frequencies
lower than f_min=(2.7 +2.2/-1.6 yrs)^-1.
