PMI Scheduling Professional Certification (PMI-SP) Practice Exam

What does three-point estimating involve?

1. Determining one consistent duration for tasks

2. Using optimistic, pessimistic, and most likely estimates

3. Calculating the average of all task durations

4. Focusing only on critical path activities

The correct answer is: Using optimistic, pessimistic, and most likely estimates

Three-point estimating is a technique used in project management to improve the accuracy of duration estimates by considering uncertainty and potential variations in tasks. This method involves three different estimates for each task: an optimistic estimate, which is the shortest possible duration if everything goes right; a pessimistic estimate, which is the longest duration if major issues occur; and a most likely estimate, which represents the expected duration under normal circumstances. By incorporating these three perspectives, project managers can account for variability and assess risks more effectively. The combination of these estimates allows for a more comprehensive view of potential outcomes, making it easier to develop a realistic project schedule that considers different scenarios. It also enables more informed decision-making based on the range of possible durations rather than a single point estimate, resulting in better project planning and risk management. The other options do not capture the essence of three-point estimating. Determining one consistent duration for tasks oversimplifies the complexities of project scheduling and does not consider variability. Calculating the average of all task durations does not specifically address the variations or risks inherent in individual tasks. Focusing only on critical path activities ignores the fact that three-point estimating can be applied to all tasks, not just those on the critical path, allowing for a more comprehensive risk assessment across