Three-point estimation: Difference between revisions

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Estimation: there is no such thing as a double triangular distribution, the distribution is called PERT, and it is a transformed of the BETA distribution
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* ''m'' = the most likely estimate
* ''b'' = the worst-case estimate
These are then combined to yield either a full probability distribution, for later combination with distributions obtained similarly for other variables, or summary descriptors of the distribution, such as the [[mean]], [[standard deviation]] or [[percentile|percentage points]] of the distribution. The accuracy attributed to the results derived can be no better than the accuracy inherent in the 3three initial points, and there are clear dangers in using an assumed form for an underlying distribution that itself has little basis.
 
==Estimation==