Explanation/Reference:
Explanation:
6.5.2.4 Three-Point Estimating
The accuracy of single-point activity duration estimates may be improved by considering estimation uncertainty and risk. This concept originated with the program evaluation and review technique (PERT).
PERT uses three estimates to define an approximate range for an activity's duration:
Most likely (tM). This estimate is based on the duration of the activity, given the resources likely to be

assigned, their productivity, realistic expectations of availability for the activity, dependencies on other participants, and interruptions.
Optimistic (tO). The activity duration based on analysis of the best-case scenario for the activity.

Pessimistic (tP). The activity duration based on analysis of the worst-case scenario for the activity.

Depending on the assumed distribution of values within the range of the three estimates the expected duration, tE, can be calculated using a formula. Two commonly used formulas are triangular and beta distributions.
The formulas are:
Triangular Distribution. tE = (tO + tM + tP) / 3

Beta Distribution (from the traditional PERT technique). tE = (tO + 4tM + tP) / 6

Duration estimates based on three points with an assumed distribution provide an expected duration and clarify the range of uncertainty around the expected duration.
Formula:
E = (a + 4m + b) / 6
Application:
(2+ (4*4) +12)=30 /6 =5

Section: Volume E
Explanation:
4.1.3.1 Project Charter
The project charter is the document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities. It documents the business needs, assumptions, constraints, the understanding of the customer's needs and high-level requirements, and the new product, service, or result that it is intended to satisfy, such as:
Project purpose or justification,

Measurable project objectives and related success criteria,

High-level requirements,

Assumptions and constraints,

High-level project description and boundaries,

High-level risks,

Summary milestone schedule,

Summary budget,

Stakeholder list,

Project approval requirements (i.e., what constitutes project success, who decides the project is successful,

and who signs off on the project),
Assigned project manager, responsibility, and authority level, and

Name and authority of the sponsor or other person(s) authorizing the project charter.

Process: 5.3 Define Scope
Definition: The process of developing a detailed description of the project and product.
Key Benefit: The key benefit of this process is that it describes the product, service, or result boundaries by defining which of the requirements collected will be included in and excluded from the project scope.
Inputs
1. Scope management plan
2. Project charter
3. Requirements documentation
4. Organizational process assets
Tools & Techniques
1. Expert judgment
2. Product analysis
3. Alternatives generation
4. Facilitated workshops
Outputs
1. Project scope statement
2. Project documents updates

Section: Volume E
Explanation
Explanation:
11.2.1.12 Enterprise Environmental Factors
Described in Section 2.1.5. Enterprise environmental factors that can influence the Identify Risks process include, but are not limited to:
Published information, including commercial databases,

Academic studies,

Published checklists,

Benchmarking,

Industry studies, and

Risk attitudes.

Process: 11.2 Identify Risks
Definition: The process of determining which risks may affect the project and documenting their characteristics.
Key Benefit: The key benefit of this process is the documentation of existing risks and the knowledge and ability it provides to the project team to anticipate events.
Inputs
1. Risk management plan
2. Cost management plan
3. Schedule management plan
4. Quality management plan
5. Human resource management plan
6. Scope baseline
7. Activity cost estimates
8. Activity duration estimates
9. Stakeholder register
10.Project documents
11.Procurement documents
12.Enterprise environmental factors
13.Organizational process assets
Tools & Techniques
1. Documentation reviews
2. Information gathering techniques
3. Checklist analysis
4. Assumptions analysis
5. Diagramming techniques
6. SWOT analysis
Expert judgment
Outputs
Risk register