Three point Estimate
... to happen scenario. First, we have to provide, on each task, a value that we think the task is probable to get done. Then we add all values and divided by the amount of values we have. Using the probability and statistic formulas, like the mean and standard deviation, we can confirm which of the estimates has the better chance of happening in terms of percentage. The standard deviation is the sum of all values divided by the amount of values we have. Based on the value numbers and the percentage, we can see which activity is the optimistic, pessimistic and the most likely to happen. This would help provide a confident assessment on the estimates. Also, there is another formula to provide these estimates, which is the sum of the Optimistic + 4 (Most Likely) + Pessimistic / 6 Using this estimate, we can predict the project completion time or critical path completion time and make our projections based on this data. Although it seems like a good way of providing estimates, this percentage can change constantly, depending on the person who is currently working on the estimates. We can only proof that the estimate is certainly most likely to happen, if we have performed that activity many times, then we have a better probability that the duration would be near tha...