By Ray Myers, Jr., PMP A colleague caught me off-guard the other day when he said he could calculate time.  It took me a minute, but I got it.  He was referring to the PERT formula.  Using 3 estimates, you can actually come pretty close to estimating the actual time to perform a task....
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By Ray Myers, Jr., PMP A single estimate is not always enough to provide confidence in the accuracy of the project estimate.  By using three estimates, you can incorporate risk factors into your estimates. Using the projects identified risks: Estimate the most optimistic (few risks will occur) Most likely (average number of risks will...
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By: Ray Myers, Jr., PMP The accuracy of an estimate can be improved by considering uncertainty and risk.  PERT uses 3 estimates to define a range for an activity’s cost.  This formula can be used for cost estimating and for scheduling. Most Likely – based on a realistic assessment Optimistic – estimated cost based...
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