Question
According to PMI (2017, p. 245) There are two common ways to estimate cost and duration using the 3-point method. The first is the triangular
According to PMI (2017, p. 245) There are two common ways to estimate cost and duration using the 3-point method. The first is the triangular distribution where the estimate is based on the average of the optimistic (O), most likely (M), and pessimistic (P) estimates. Mathematically, Your estimate = (O+M+P)/3. The second way is based on the Beta distribution that puts more weight on the most likely. Mathematically, your beta estimate = (O+4M+P)/6. Using the following, calculate the two estimates of duration: O=4; M=6; P=11. Explain the difference in the answers. How would you decide which method to use?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started