discussion 4 pmp.docx - Hello All 1 How many different estimating techniques were discussed in the case Two types of estimates are discussed in the case

discussion 4 pmp.docx - Hello All 1 How many different...

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Hello All, 1. How many different estimating techniques were discussed in the case? Two types of estimates are discussed in the case and they are as follows: 1. Three point estimate: This estimate usually involves the people that are professional in the task of estimating. The three estimate is based on the figures that are available at the time of the estimation and the guesses made from the previous experiences. The analogy that is used as part of this technique to come up with the estimates include assumption of how much average time the task would take in order to complete if the same task has to be done by the team members for 100 times. The two popular formuales that are used as part of three point estimates include a. Triangular distribution and b. Beta (or PERT) 2. Analogous Estimate: This estimate uses the similar past projects that are successfully completed to estimate the durations of the project and cost of the current project estimates. 2. If each estimate is different, how does a project manager decide that one estimate is better than another?
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