Question

Another project manager who has been assisting you has created an optimistic estimate of RM 10,450, a most likely estimate of RM 22,300, and a pessimistic estimate of RM 36,650 for a portion of this project. What is the three-point estimate in this scenario?

Answer 1

The three-point estimate for the project, based on the given optimistic, most likely, and pessimistic estimates, is RM 22,716.67.

Step-by-step explanation:

The three-point estimate is a technique used in project management to estimate the potential costs of a project based on three scenarios: optimistic, most likely, and pessimistic. To calculate the three-point estimate, you typically use the formula (Optimistic Estimate + 4 × Most Likely Estimate + Pessimistic Estimate) / 6. In the scenario you've provided, the three-point estimate would be calculated as follows:

(RM 10,450 + 4 × RM 22,300 + RM 36,650) / 6 = (RM 10,450 + RM 89,200 + RM 36,650) / 6 = RM 136,300 / 6 = RM 22,716.67.

Therefore, the three-point estimate for the project is RM 22,716.67.