40. PMP | What is 3 point estimation | PERT estimation
This PMI PMP training tutorial video explains about the hree Point Estimating technique which is also called PERT estimation technique.
This Three point or PERT estimation technique takes the risk into consideration while calcuating the project cost or project duration.
The accuracy of single point activity duration estimates may be improved by considering estimation uncertainty and risk in the project PMP.
This concept originated with the program evaluation and review technique(PERT).
As per PMI PMP PMBOK, PERT uses three estimates to define an approximate range for an activity’s duration:
Most likely.
This estimate is based on the duration of the activity, given the resources likely to be assigned, their productivity, realistic expectations of availability for the activity, dependencies on other participants, and interruptions.
Optimistic.
The activity duration based on analysis of the best-case scenario for the activity.
Pessimistic .
The activity duration based on analysis of the worst case scenario for the activity.