Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Stage Management

Authors: Lawrence Stern

7th Edition

0205335314, 978-0205335312

More Books

Students also viewed these General Management questions

Question

How does harmonization differ from convergence?

Answered: 1 week ago

Question

Write short notes on Interviews.

Answered: 1 week ago

Question

Define induction and what are its objectives ?

Answered: 1 week ago

Question

Discuss the techniques of job analysis.

Answered: 1 week ago

Question

=+beliefs about the brand, product, or service?

Answered: 1 week ago

Question

=+4. Did your message properly reflect the brand's image?

Answered: 1 week ago