On :July 4, 2017
According to the case study there are two estimating techniques discussed,
- Three Point estimate
- Analogy estimate
♦ Three Point estimate:
Three-point estimate is also known as project evolution and review technique (PERT). This was being weighting four times more than the other two estimates like optimistic and pessimistic. In Three-point estimate the major formula of estimating is time and cost of all the activities in the project which are especially unique.
To provide the three-point estimate divide the project into list of tasks and make sure to identify each work breakdown structure(WBS) work packages. This was mainly a step program where we can work closely with the team members.
Analogy-estimate is also known as top down estimating. This was mainly used for the time duration technique of the project. Analogy-estimating primarily helps for the project managers in looking at the older projects and current project and estimating the project duration.