What is Three Point Estimating? | Beta (PERT) Distribution | Triangular Distribution |

This lesson explains the Three Point Estimating technique using an example. The following are covered
- Beta (PERT) Distribution
- Triangular Distribution
- Optimistic, Most Likely and Pessimistic Estimates
- Formulas for Expected Value and Standard Deviation
- Which is a better choice: Beta or Triangular Distribution?
#project #projectmanagement #certification

[@KhalelFx]

May I ask what is the basis of the denominator 6 and 18?

[@sunny.sensei]

Thanks for the question. Let me start by saying that the formulas and the models used in project management are highly simplified with many assumptions in the background. In this case, we can use basic mathematics (calculus) and knowledge of statistics to drive the formulas. If you are interested in derivation (this is a sign of a good student), I suggest you start with this link. www.deepfriedbrainproject.com/2010/07/pert-formula.html Please note that these two distributions (Triangular and Beta) are an effort to create simplified models to replace the usual Normal Distribution (Gaussian Distribution). If you are interested to go deeper, I strongly suggest that you study Normal distribution too. All the best!