Option #1: Beta Distribution
(Note: This subject is often included in the PMP exam questions.)
You are the project manager for the Sweep Time software project. You have decided to use the beta distribution, or 3-point estimation, technique for this project. For the “phase 1 test” activity in days, the following estimates are available: O=5, P=10, M=6.
Address the following:
Explain beta distribution, when it is used, and the benefits and shortcomings of the technique.
What is the result of this estimate in the example?
How does a skew from the mean/median figure relate to planning a project? That is, if your beta is 7.5 and your M=6, how do these relate?
Write a 3- to 4-page paper addressing beta distribution. The length does not include the required title and references pages, and the appendix in which you show your calculations.
Support your paper with a minimum of two current scholarly sources.