Multipoint estimating is a project management method used to estimate how long a project task or activity will take or how much it will cost. It uses optimistic, pessimistic, and most likely estimates to find a range of possible outcomes.
In multipoint estimating, the project manager gets input from team members, stakeholders, and subject matter experts to come up with three estimates for each task or activity:
This is the best-case scenario estimate, assuming that nothing goes wrong and there are no delays or other problems.
This is the worst-case scenario estimate, which is based on the idea that everything that could go wrong does go wrong, causing delays and extra costs.
Based on a realistic assessment of the task or activity, this is the estimate that is most likely to come true.
The project manager then uses a weighted formula to estimate how long the task or activity will take or how much it will cost. This formula looks at all three estimates and gives more weight to the most likely one. It also takes into account how uncertain the optimistic and pessimistic estimates are.
Multipoint estimating helps project managers plan for uncertainties and risks, so they can make more realistic schedules and budgets. It also makes estimating more nuanced, instead of relying on a single estimate that might not be a good reflection of the range of possible outcomes.
Usage
It is project planning for estimating effort, cost, and time.
