What is Three-Point Estimating? Master This PMP Estimating Technique

Have you ever wondered how to estimate time or cost more accurately in project management? This video simplifies Three-Point Estimating so you can build more realistic project schedules and budgets. This technique considers three possible outcomes - optimistic, pessimistic, and most likely - and combines them using either the Simple Average or PERT formula. By the end of this video, you’ll know how to calculate and apply Three-Point Estimates and interpret the range to understand risk and uncertainty. 🧠 Learn How To: • Understand the Optimistic, Pessimistic, and Most Likely estimates • Calculate estimates using both Triangular (Simple Average) and PERT methods • Apply this technique in cost estimating, scheduling, and risk management • Interpret estimate ranges to assess uncertainty • Reduce bias and improve estimate accuracy Chapters: 0:00 Intro 0:21 What is Three-Point Estimating? 1:17 Why Use Three-Point Estimating? 1:55 Formulas for Three-Point Estimating 2:38 PERT Formula Explained 3:31 Applications of Three-Point Estimating 4:15 How to Interpret Estimates 5:06 Benefits of Three-Point Estimating