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 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?
- 3- to 4-page APA paper. (not including title and references pages, and the appendix in which you show your calculations.)
- Use 2 references from past 5 years