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Line 2: In three-point estimation, three figures are produced initially for every distribution that is required, based on prior experience or best-guesses: * ''oa'' = the best-case estimate * ''m'' = the most likely estimate * ''pb'' = 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 3 initial points, and there are clear dangers in using an assumed form for an underlying distribution that itself has little basis.

Three-point estimation: Difference between revisions