Question 2

Three-point estimating

Instead of providing activity estimates as a discrete number, such as four weeks, its often helpful to create a three-point estimate. An estimate that includes an optimistic, most likely, and pessimistic estimate.

-Optimistic (to) -Most Likely (tm) -Pessimistic (tp)

Use the following equation to calculate the expected duration:

Beta Distribution

For Activity A:

Optimistic = 4 hours , Most Likely = 8 hours , Pessimistic = 16 hours

The Standard Deviation is a measure of variability from the mean and is defined as (p - o)/6 so in the example above

Calculate the three point estimate and the standard deviation of activity A. Explain your answer.