Three Time Estimates

Activity	Optimistic Time	Most Likely Time	Pessimistic Time
A: Concept Development	3	12	24
Plan Definition
B: Define Project scope	1	2	12
C: Develop broad schedule	0.25	0.5	1
D: Detailed cost estimates	0.2	0.3	0.5
E: Develop staffing plan	0.2	0.3	0.6
Design and Construction
F: Detailed engineering	2	3	6
G: Facility construction	8	12	24
H: Mobilitization of employees	0.5	2	4
I: Procurement of equipment	1	3	12
Start Up and Turnover
J: Pre-Start- up inspection	0.25	0.5	1
K: Recruiting and training	0.25	0.5	1
L: Solving start-up problems	0	1	2
M: Centerlining	0	1	4

Three Cost Rate Estimates:

Activity	Optimistic Time	Most Likely Time	Pessimistic Time
A: Concept Development	1,900	2,000	2,300
Plan Definition
B: Define Project scope	23,750	25,000	28,750
C: Develop broad schedule	15,200	16,000	18,400
D: Detailed cost estimates	28,500	30,000	34,500
E: Develop staffing plan	27,000	30,000	33,000
Design and Construction
F: Detailed engineering	360,000	400,000	440,000
G: Facility construction	112,500	125,000	156,250
H: Mobilitization of employees	270,000	300,000	330,000
I: Procurement of equipment	360,000	400,000	440,000
Start Up and Turnover
J: Pre-Start- up inspection	90,000	100,000	110,000
K: Recruiting and training	540,000	600,000	660,000
L: Solving start-up problems	90,000	100,000	110,000
M: Centerlining	45,000	50,000	55,000

Develop Histograms for both the project completion time and the cost to complete the project. What do these histograms tell you?