To take these uncertainity into account, three kinds of times estimates are generally obtained. These are:
The Optimistic Time Estimate
This is the estimate of the shortest possible time in which an activity can be completed under ideal conditions. For this estimate, no provisions for delays or setbacks are made. We shall denote this estimate by to.
The Pessimistic Time Estimate
This is the maximum possible time which an activity could take to accomplish the job. If everything went wrong and abnormal situations prevailed, this would be the time estimate. It is denoted by tp.
The Most Likely Time Estimate
This is a time estimate of an activity which lies between the optimistic and the pessimistic time estimates.
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