What to do: explain/elaborate the text seen on the picture.
** provide picture and example about the three-estimate variation
** include table and picture, this is for reporting
1 Three-Estimate Variation is a method for calculating a parameter’s or process’s variability over a specified range of values. Based on the idea of using three estimates-a low estimate, a high estimate, and a best estimate-of the variation in the parameter or process. The best estimate is used to provide a more precise prediction of the actual value, while the low and high estimates are used to identify the range of potential values. When choosing parameters for a project or process, it is possible to find a better option by using the three estimate variation process. Three estimations, for instance, could be used to compare the price, schedule, and predicted performance of alternative designs when selecting one for a new product. The most economical, fastest, and most effective choice can be selected by contrasting the low, high, and best estimations of each design. The Three-Estimate Variation approach, in general, is a helpful tool for calculating the variability of a parameter or process over a specified range of values. This approach enables a better choice of the optimal alternative by enabling a more precise prediction of a parameter or process. Explanation: Three-Estimate Variation is a method for estimating a parameter or process’s variability over a specified range of values. This approach is based on the idea of defining the range of potential values and providing a more precise prediction of the actual value by using three estimations of the variance in the parameter or process. When choosing parameters for a project or process, this method can be used to select a better alternative, allowing for a more well-informed decision-making process.
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