Three Point Estimate Formulas

three point estimate

Quick Reference on Three Point Estimate I have written a series of articles on Three Point Estimate and related concepts. Before reading this, you should look at my first article of the series. I have explained the basic concept of Three Point Estimate in my first article. I have also explained that PERT is not … Read more

How To Use Analogous & Parametric Estimating Techniques?

project estimation

Project estimation is the most fundamental aspect of Project Management (PM). Analogous and parametric estimating techniques are most commonly used methods. You will find definitions, detailed description, and examples of these techniques in this post. You will also get to know about the difference between Analogous and parametric estimation. This post should help PMP aspirants, … Read more

Did You Know That A project Is Scheduled To FAIL?

A project is scheduled to FAIL from start. This is a very strong statement albeit true. I have noticed this phenomenon many times during my experience. Let me explain. Project Managers rarely understand good scheduling concepts/techniques. Even if they understand, good concepts/techniques are rarely used while developing project schedule. What are good scheduling concepts/techniques? These … Read more

The Ultimate Guide To Use PERT, CPM & Standard Deviation Together

pert variance formula

I have described Program Evaluation & Review Technique (PERT), Critical Path Method (CPM) and Standard Deviation in complete detail this post. I have talked about how they are related to each other and how they can be used together. What is Critical Path Method (CPM)? Critical Path is the Longest Path in the Project Network. … Read more

How To Use Standard Deviation In PERT Estimation Formula?

pert standard deviation

You might be looking to understand the usage of standard deviation in PERT estimation formula. PERT is an acronym for Program Evaluation and Review technique. This technique is used to determine duration and cost estimates of a task. In this technique, a weighted average (mean) of three different estimates is used to determine the final … Read more

How To Use PERT Formula In Three Point Estimating?

three point estimating pert formula

Three point estimating can be done in two ways – one is by applying Beta Distribution technique, which uses PERT (Program Evaluation and Review Technique) formula and other is by applying Triangular Distribution technique, which calculates simple average. Just like any other estimation technique, 3-point estimation can be used for estimating duration or cost of … Read more

Work Breakdown Structure in Project Management With Examples

You might be looking to understand what Work Breakdown Structure (WBS) is and why is it important in project management. Work Breakdown Structure is deliverable oriented hierarchical decomposition of total scope of work. WBS is a fabulous tool delineate and represent total scope – project as well as product scope. It is useful for estimating, … Read more

Scientific Estimation

This is a follow-up post of my previous post 8 ways to meet budget in Fixed Price Projects. We can successfully execute and deliver the project within specified time and budget by estimating the size of the project scientifically. There are upteen estimation techniques and they are different for different industries. And within a industry they … Read more

8 ways to meet budget in Fixed Price Projects

fixed price projects

I write 2 blogs. One is the current blog on project management while the other is blog on completely unrelated subject – Cricket: Why am I mentioning my Cricket blog here? The word ‘Fix‘ is a dreaded word both in cricket and project management. Match fixing is a bane in cricket. One always gets … Read more