What is Three-Point Estimating?

In project management, three point estimating is similar to making a balanced prediction by considering many situations for each work. Assume you’re attempting to anticipate how long it will take to complete a task. Instead of estimating just one time, you create three: one for the shortest conceivable time, one for the most likely time, and one for the longest possible time. In Three Point Estimating, you estimate the best-case scenario (optimistic), the most probable situation (realistic), and the worst-case scenario (pessimistic) for each job in a project. Then, using a formula, you produce a more informed and balanced estimate that takes into account both the best and worst-case scenarios, providing a more accurate picture of how long activities may actually take.