Three Point Estimate Approximations

Triangular Distribution

Quite useful results for project statistics are obtainable by developing three-point estimates that can be used in equations to calculate expected value, variance, and standard deviation. The three points commonly used are Most pessimistic value that yet has some small probability of happening. Most optimistic value that also has some small probability of happening. Most likely value for any single instance of the project. The most likely value is the mode of the distribution. It is not...