In bond estimation, there are three points to consider: the best case, most likely case, and worst case. The three point estimation is calculated by adding the best case, most likely case, and worst case, then dividing by three.
Another method of estimation is the weighted average or beta estimates, which place more weight on the most likely value. This estimation is calculated by adding the best case, four times the most likely case, and the worst case, then dividing by six.
These estimation methods are commonly used for detailed estimations, particularly in cost estimation. It is important to use these concepts in the PMP examination.
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