Three Point Estimate Notes: Definitions & Explanations PDF | Download eBooks
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Three Point Estimate Definition:
Three-point estimate helps to define an approximate range for an activity's duration.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Three Point Estimate Notes:
A project is decomposed into its associated activities in order to estimate the activity durations and associated costs. The project schedule and budget depends on the cost and time estimates. As projects involve some risks and uncertainties, so in order to cope up with the uncertainties, three-point estimate method is used. Three-point estimate is used to improve the accuracy of the duration estimates of the project activities. Three-point estimate defines a range of activity duration. The three points of estimates used are optimistic (the best case scenario), most likely (normal), and pessimistic (worst case scenario). Using the range calculated by the three points, the expected duration of the activity can be determined by the help of triangular distribution.
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