Time estimation

The three-point technique

Estimating is a crucial aspect of project management. Project managers are expected to accurately estimate essential elements of the project, such as costs, scope, and time. There are many different estimation techniques that can be used, depending on what aspect of the project needs an estimate. Estimation techniques allow project managers to provide better forecasts to stakeholders and clients and more accurately budget the funds and resources they need for project success.

The three-point estimating technique can be used to help determine the most realistic time estimate for a task. It uses optimistic, pessimistic, and most likely calculations, meaning calculations are based on the “best case” (optimistic), “worst case” (pessimistic), and most probable scenarios.

Three-point estimation

In this technique, each task receives three estimates: optimistic, most likely, and pessimistic. Each of these three estimates is then associated with the corresponding amount of time that task is expected to take.

The three-point estimating process

For each task, add a duration estimate in each category: optimistic, most likely, and pessimistic. You can get these estimates by doing research on the task or by asking a task…