Assignment 1: Analysis of 3-Point Estimate and Critical Path Method

This assignment solution explores two key project management techniques: the 3-point estimate and the critical path method (CPM). The 3-point estimate is presented as a tool for reducing risks and improving decision-making by considering optimistic, pessimistic, and most likely estimates, with a formula and MS Project software application explained. The assignment highlights the benefits of increased accuracy, confidence, and reduced risks in project estimations. The critical path method (CPM) is then introduced as a project scheduling technique, focusing on time estimation and resource allocation. The assignment explains the value of CPM in identifying critical activities, determining the shortest project duration, and managing task dependencies. It also covers how to determine the critical path using both manual methods and MS Project software, emphasizing the importance of float, early/late times, and critical path analysis in project management.

Running head: Assignment 1
3 POINT ESTIMATE AND CRITICAL PATH METHOD
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Running head: Assignment 2
3-point estimate
What is 3 point estimate? It is a designed application that is developed to help project teams to
evaluate positive and negative factors in order to achieve better decision making on choice of
alternatives (Burke, 2013). Why it is used? -It is used to reduce risks originating from negative
factors providing non-accurate estimates. Project managers can additionally use 3 point estimate
to accurately make choice evaluation on factors available to them. Good estimation is useful in
scheduling and planning of project life cycle. Stakeholders in projects judge project deliverables
based on achievement of triple constraints (budget, scope, time) if they had been planned and
estimated appropriately. 3 point estimate is a useful time estimating tool that can enable the
project to be completed within the required project life cycle (Hedman, 2013).
What formula for calculating the 3 point estimate?-The calculation of 3 point estimate is possible
by use of MS project software or using manual system. The 3 point estimate can be calculated
using 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 of
estimates. 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) (Hedman, 2013). Once the
columns have been created values are entered into the columns representing factors or variables
to be evaluated. The second step involves calculating the standard deviation, and mean of the
columns that is possible with task tools available in MS project software. The last step involves
setting the default confidence levels of the estimated work. What are the inputs used in 3 point
estimate? -The level can represent selected tasks and all tasks this can be decided and chosen by
project teams. In calculation of 3-point estimate is possible and aided by the input of MS project
and consultation of estimates from project team members and experts (Hedman, 2013).

Running head: Assignment 3
What is the output of 3 point estimate?-The output of 3 point estimate is to ensure that estimates
are more accurate and highly dependable. Project managers can evaluate factors by subjecting
them to evaluation using different confidence levels this will reduce risks originating from
negative factors (Burke, 2013). Three benefits can accrue from using the 3 point estimate they
include: increased accuracy in one point estimate, more confidence among project team
member’s decisions, and reduction in risks from each type of tasks. Three-Point Estimation is
applicable in simple projects to improve project managers and teams conceptual skills in coming
up with dependable decisions.
Critical path method
What is critical path method? -Critical path method (CPM) is a project scheduling analysis
technique used for time estimation in a project. It forms a basis in which decisions on time
allocation and scheduling can be done to project activities. CPM represents a sequence of
activities on the basis of longest duration useful in keeping the project in track (Kendrick, 2013).
What is needed to be calculated in critical path? -There is need to calculate the CPM in order to
estimate either the longest or shortest time to accomplish the project. The CPM brings value to a
project team by allocating resources between tasks by identifying task independencies and
dependencies. What is the value of calculated critical path?-The value of CPM is that it shows
activities to be completed on time, activities that can be delayed with no effort, minimum time to
completed activity, and indication of early and late dates for specific activity. Project team
members can use it to decide division of time between non-critical, critical, related and non-
related tasks (Kendrick, 2013).
How do you determine the critical path?-The CPM can be determined using either manual or
drawn automatically using MS project software. The MS project requires identifying starting and
ending times of the project, and allocating interdependencies and dependencies of the activities.
Using the network diagram icon a CPM schedule can be developed showing the path (Heagney,
2016). It can be drawn manually after obtaining most likely time from three types of times
(pessimistic, optimistic, most likely) and drawing them in a chart form using arrow. Calculation
is done based on adding the longest or shortest time of accomplishing the tasks. The key
components of CPM during development include: determination of float, calculation of early and

Running head: Assignment 4
late times, and critical path analysis. CPM represents a critical tool that can be used in managing
project schedules and allocation of resources.

Running head: Assignment 5
References
Burke, R. (2013). Project management: planning and control tecniques. New Jersey: Wiley
publishers.
Hedman, K. (2013). Project management professional exam study guide. Indianapolis: Wiley.
Kendrick, T. (2013). The project management tool kit: 100 tips and techniques for getting the job
done right. . AMACOM Div: American management Assn.