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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?

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