As per guide to PMBOK Schedule Management Knowledge area, Estimate Activity Durations is the process of estimating the number of work periods needed to complete individual activities with estimated resources. The key benefit of this process is that it provides the amount of time each activity will take to complete. This process is performed throughout the project.
One of the tools and techniques used in this process is Three 3 point estimating (also known as Beta/PERT estimation). From PMP exam perspective,
- It is important that the aspirants know how to calculate activity duration using 3 point estimates.
- How this estimation is used in conjunction with Six Sigma/ Standard deviation concepts
This is where most aspirants get mad with the mathematics and calculations involved. To make your job easier,
Step 1: – Here is an Excel based calculator which can be used to learn the formulas, logic and integration with the Sigma levels.
DOWNLOAD Link: PERT_3 Point Estimate Calculator
Step 2:- Take this Quick 5 minute FREE mock test to master the concepts and test your learning.
You can use the Excel template to calculate the answers however please note that in actual PMP Exam, you will have to calculate either manually or by using the inbuilt simple calculator provided in PMP exam software.
Remember: Whenever any question asks about weighted average, standard deviation or the variance from given three estimates, always use PERT formulas to compute the required calculations. This needs to be done even if the question doesn’t explicitly tell you to use PERT formulas.
Hope this post helps you in preparing for the Exam. Good Luck for the rest of the preparation!
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Categories: Project Management
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