Question: As a project manager, you are considering using either the risk driver method of project cost risk analysis or the traditional 3-point cost analysis on

As a project manager, you are considering using either the risk driver method of project cost risk analysis or the traditional 3-point cost analysis on your latest project.

  • What is a specific example that determines total project cost with 4 cost elements using the 3-point cost analysis method?
  • What is each step of the process and the associated tables to depict the data?
    • Project cost element table with associated 3-point estimates, mean, and variances.
    • Total project standard deviation and total project mean.
    • Cumulative probability distribution (10%-90%) table for the total project cost.

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