What is Three-Point Estimating? Master This PMP Estimating Technique
Have you ever wondered how to estimate time or cost more accurately in project management? This video simplifies Three-Point Estimating so you can build more realistic project schedules and budgets.
This technique considers three possible outcomes - optimistic, pessimistic, and most likely - and combines them using either the Simple Average or PERT formula. By the end of this video, you’ll know how to calculate and apply Three-Point Estimates and interpret the range to understand risk and uncertainty.
🧠 Learn How To:
• Understand the Optimistic, Pessimistic, and Most Likely estimates
• Calculate estimates using both Triangular (Simple Average) and PERT methods
• Apply this technique in cost estimating, scheduling, and risk management
• Interpret estimate ranges to assess uncertainty
• Reduce bias and improve estimate accuracy
Chapters:
0:00 Intro
0:21 What is Three-Point Estimating?
1:17 Why Use Three-Point Estimating?
1:55 Formulas for Three-Point Estimating
2:38 PERT Formula Explained
3:31 Applications of Three-Point Estimating
4:15 How to Interpret Estimates
5:06 Benefits of Three-Point Estimating
5:51 Role of the Project Manager
6:28 Limitations of Three-Point Estimating
7:04 Real-World Example
7:50 Summary and Call to Action
📘 Helpful Resources:
PMAspirant Homepage: https://pmaspirant.com
Three Point Estimating: https://pmaspirant.com/what-is-three-...
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