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Three-Point Estimating

A technique used to estimate cost or duration by applying an average or weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates. Threshold. A predetermined value of a measurable project variable that represents a limit that requires action to be taken if it is reached.

Project Management Institute, A Guide to the Project Management Body of Knowledge (PMBOK® GUIDE) – Sixth Edition, Project Management Institute, Inc., 2017