Three Point Estimating

There’s a right and wrong way to estimate a job. Here’s why I’m a fan of three point estimating and why many of the three point estimates I see are incorrect.

[@andrewmcbride88]

Thanks for the tip/advise Chris. You really are a great help for people trying to enter the field. Keep it up man.

[@enlightenedmusic1]

Smart stuff, Lema. Totally could've used this last week. I'll be doing it this way from now on.

[@GerardGodin]

Loved it, will be creating my own version in a spreadsheet very shortly :) Thanks, and have a great Christmas/Holidays/etc.. :)

[@stanleyoranika9292]

Best video so far on 3 Point Estimating

[@bwerner3]

I typically don't post comments but I must say...... well done sir. I wish I had more hands so I could give this video 4 thumbs up! The only question I have is why divide by 6? Is that just part of the formula?

[@bobfromca92646]

Where did you get the times 4 number in your 3pt calculation? and why divide by 6? I didn't quite understand how you came up with that formula. Thanks!

[@ChrisLema]

Bob Richardson I am weighting the first case more than the other cases. So I say it's worth 4 instances, then I add two other columns (two other instances) and that means to get an average, I need to divide by 6.

[@bobfromca92646]

Chris Lema Thanks.

[@linhsjourney1307]

+Chris Lema Thanks for your video, but could you tell me why 4 number, not another one ? Thank you :)

[@mohamedmomtaz5706]

you used the beta distribution formela : tE=(tP+4tM+tO)/6 I guess?!

[@objectperson]

Nice delivery. PERT formulae

[@priyanksharma31]

Formula used is wrong. Correct formula is ( P+4M+O)/6. Where p is pessimistic time, M is most likely time and o is optimistic time. Here P is worst case , O is best case and m is expected.

[@PrashanthAkunuri]

+Priyank Sharma you explained it yourself. He used the same formula (4xexpected+best+worst)/6, you already mapped the terminology correctly, so how is it wrong?