Beta Distribution Management Essay Research Coursework (Essay Sample)
DESCRIBE PURPOSES OF Beta Distribution IN BUSINESS MANAGEMENT.
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Business and Management
(Author’s Name)
(Institution Affiliation)
Beta Distribution
Beta Distribution, alternatively known as 3-Point estimation technique is a tool used by companies to increase cost and time estimates accuracy. It has three main estimates namely:
* Optimistic estimate- this is what a company hopes that it will take to complete a certain project if everything goes as planned. This estimate is also referred to as the most sure estimate, where a project manager assumes full knowledge of occurrence in future and is very certain.
* Pessimistic estimate-this is the worst case scenario that a company imagines is everything goes wrong. Based on some negativity.
* Most likely estimate- this usually lies between pessimistic and optimistic estimate and is usually an estimate of what has a higher probability of happening. One does not portray negativity but equally is not very positive that all things will work out well thus lies within.
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