Note: When calculating three-point estimation, the addition should be completed before the division (or averaging), as order of operations.
A three-point estimate is a project management technique that involves estimating a range of possible values for an activity or task based on three estimates: the most optimistic estimate, the most likely estimate, and the most pessimistic estimate.
This technique takes into account the uncertainties and risks associated with the activity or task, and provides a more accurate estimate than a single-point estimate. To calculate the three-point estimate, the formula (O+M+P) / 3 is used. The resulting estimate represents the expected duration, cost, or effort required for the activity or task, taking into account the range of possible outcomes. This technique is commonly used in project planning, risk management, and cost estimation.