Publisher`s description - Three Point Estimator
Three-point estimation is a technique that is often used in project planning and quantitative risk analysis. Three-Point Estimator allows you to produce estimates using PERT or double triangular distribution. Because estimation is never an exact science, in addition to calculating the expected value, this app also provides a range estimate based on the 90% confidence levels. Three-Point Estimator also has the facility to produce an aggregated estimate of multiple tasks.
The overall work flow of using Three-Point Estimator is as follow:
1. Specify the most likely estimate of a given task.
2. Specify the worst-case scenario estimate of a given task
3. Specify the best-case scenario estimate of a given task
4. Estimate using either PERT or double triangular distribution
5. The application calculates the “Expected” value which can be used in project planning or risk analysis. This “Expected” value is sometimes known as the “weighted average” value.
