logo

Assignment on Point Estimate and Critical Path Method

5 Pages982 Words57 Views
   

Added on  2020-05-04

Assignment on Point Estimate and Critical Path Method

   Added on 2020-05-04

ShareRelated Documents
Running head: Assignment 13 POINT ESTIMATE AND CRITICAL PATH METHODSubmitted byAffiliationSupervisor’s nameDate of submission
Assignment on Point Estimate and Critical Path Method_1
Running head: Assignment 23-point estimateWhat is 3 point estimate? It is a designed application that is developed to help project teams toevaluate positive and negative factors in order to achieve better decision making on choice ofalternatives[ CITATION Bur13 \l 1033 ]. Why it is used? -It is used to reduce risks originating fromnegative factors providing non-accurate estimates. Project managers can additionally use 3 pointestimate to accurately make choice evaluation on factors available to them. Good estimation isuseful in scheduling and planning of project life cycle. Stakeholders in projects judge projectdeliverables based on achievement of triple constraints (budget, scope, time) if they had beenplanned and estimated appropriately. 3 point estimate is a useful time estimating tool that canenable the project to be completed within the required project life cycle[ CITATION Hed13 \l 1033 ].What formula for calculating the 3 point estimate?-The calculation of 3 point estimate is possibleby use of MS project software or using manual system. The 3 point estimate can be calculatedusing manual system by using the formula: 3point estimate = (O + 4m + P)/6 Where: O =optimistic estimate, M =most likely estimate P =pessimistic estimates. The formula role is to obtain a more accurate estimate taking consideration of the three types ofestimates. The use of MS project software in 3 point estimation requires 3 steps to be followed.The first step is to introduce three columns of the project (pessimistic, best guess, optimistic)both found in the MS project software (3-point estimate icon)[ CITATION Hed13 \l 1033 ]. Once thecolumns have been created values are entered into the columns representing factors or variablesto be evaluated. The second step involves calculating the standard deviation, and mean of thecolumns that is possible with task tools available in MS project software. The last step involvessetting the default confidence levels of the estimated work. What are the inputs used in 3 pointestimate? -The level can represent selected tasks and all tasks this can be decided and chosen byproject teams. In calculation of 3-point estimate is possible and aided by the input of MS projectand consultation of estimates from project team members and experts[ CITATION Hed13 \l 1033 ].
Assignment on Point Estimate and Critical Path Method_2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
(Solved) Project Management Methodologies
|4
|691
|33

Assignment on Project Management
|14
|4635
|410

SIM335- Managing Projects Assignment
|20
|3963
|109

PROJ586 - Project Management Systems
|5
|1017
|37

Project Management: Tools and Techniques for Cost Estimation and Cost Management
|20
|3841
|257

Project Schedule Management-PERT Topic 2022
|4
|660
|33