Three Point Estimation for Literature Review-MyAssignmenthelp

Question: Discuss about theThree Point Estimation for Literature Review. Answer: Introduction The three point estimation is regarded as one of the most widely used tool that is used in the application of the information system. The current study focuses on existing literature that helps to explain the use of the three point estimation along with the advantages of using this tool. The limitations of the three point system are also mentioned that can also be regarded as the major drawbacks that exist in the current literature. Suggestions in order to improve the implication of the three point estimation are also mentioned. The Explanation of the Three point Estimating According to Malekpouret al. (2013), the three point estimation can be defined as a technique that is used in information system and Management that helps in approximation of probability distribution and also helps to predict the future outcome of an event using the Limited information that is available. The distribution system that is used is not always defined as the normal way of distribution as there are other modes of distribution including triangular distribution that might help depending on the application of variables. There are mainly Three Types of figures in point system distribution that are initially used in every type of distribution. These include the following: The best case of estimate= a The most likely estimate=m The worst case of estimate=b All these variables are used later of deal with the consequence of the full distribution system. These systems are later combined with the help of mean standard deviation and percentage points in order to get the overall summary of three point systems. The current section focuses on the literature review part of 3 point system that includes the advantage limitations and also suggestions for further improvement. The Advantage of the Three point Estimating In the modern days of business management the three point estimation is one of the most essential components that help the project manager to have a better sense of estimation. According to Li et al. (2016), it is important for the project manager to have well exposure of the techniques related to program evaluation and review, which are the main components of 3 point system. Asparouhov and Muthn (2014), have added in the context that three point system is an important part of project management that helps to decompose the project work and also have a list of variables that would be the estimated task of the overall project. The E value (E= a+4m+b)/6 can be estimated with the help of the estimation of the three point system. The E value in turn can help in estimation of the future that is done using the data system. As mentioned in the research work of Diggle (2013), it is important to note that the estimation of the working values can be schedule with the help of the parameters given in 3 point estimation. Li et al. (2016), have agreed to the fact that the three point estimation is one of the best technique that a project management system can develop in order to have a perfect developing system for the future. It is also important to mention in this context that all management system must take the initiatives to incorporate ideas of three point systems among the team members that help them to better understand the importance of the future potential of a project management system. it is also possible to understand the positive factor and the negative risk that are associated with the application of the three point system. The Limitations of the Three Point Estimating In spite of the advantage of three point estimation, Malekpouret al. (2013) have highlighted upon the few drawbacks and limitations of this system. As this type of system is generally involved with high level of data management and also needs to have higher level of accuracy, in most of the occasions it may not be possible to predict the needs of the future. There are also the risks of danger that are involved with the process of overestimation of the future work with the help of the management system. Freeman et al. (2014), have also mentioned that in order to apply the tools and measurement techniques of the three point estimation, it is important to have better and accurate mode of analysis that can be time consuming is there are multiple variables related to this estimation. The process of collecting the detailed information can be annoying for the team management and project managers which can be motivate them to provide better working capability. There is also no specific definition related to optimism and Pessimistic variables that can be inconsistent in arbitrary values. it also requires extremely high level of expertise to deal with the variables related to the three point estimation. It is also important to note in the context that without proper and high levels of accuracy, it is not possible to apply the tools and on the contrary, it can have negative effects on the future predicting system. The inaccurate prediction system of the future can have negative impacts in the overall project management system. According to Borisenkoet al. (2014), there is also the risk of false optimism which is a measure outcome of applying three point estimations. In order to predict the future of a project management it is important to have high accurate data and information which is highly sensitive in the matters. Withdrawn longer rate of time consumption the overall time to finish a project by a project management team can also be delayed due to the time consuming factor related to applying 3 point estimation. Suggestion for Improvement In spite of the limitations the three point estimation is regarded as one of the best techniques used by Project Management team to decide upon the future outcome and also predict the rest that are involved. Hence it is important for all project management teams to have a better expertise in order to make use of the 3 point estimation techniques. The project team should have dedicated members who will have the responsibility to collect accurate data from the past and relevant project works. According to Anandet al. (2013), with the application of single point estimation and giving more accuracy to each of the parameters it is possible to have better outcomes and accuracy in the overall estimation of 3 point system. By breaking the overall three parameters involved in the estimation system into every single point estimations can help to save time and also to have better accurate results about the future prediction. Hence, with better data collection system, it is possible to make best use of the three point estimation system. Reference Anand, A., Koppula, H.S., Joachims, T. and Saxena, A., 2013. Contextually guided semantic labeling and search for three-dimensional point clouds. The International Journal of Robotics Research, 32(1), pp.19-34. Asparouhov, T. and Muthn, B., 2014. Auxiliary variables in mixture modeling: Three-step approaches using M plus. Structural Equation Modeling: A Multidisciplinary Journal, 21(3), pp.329-341. Borisenko, S., Gibson, Q., Evtushinsky, D., Zabolotnyy, V., Bchner, B. and Cava, R.J., 2014.Experimental realization of a three-dimensional Dirac semimetal.Physical review letters, 113(2), p.027603. Diggle, P.J., 2013. Statistical analysis of spatial and spatio-temporal point patterns.CRC Press. Freeman, S., Eddy, S.L., McDonough, M., Smith, M.K., Okoroafor, N., Jordt, H. and Wenderoth, M.P., 2014. Active learning increases student performance in science, engineering, and mathematics. Proceedings of the National Academy of Sciences, 111(23), pp.8410-8415. Li, Y., Snavely, N., Huttenlocher, D.P. and Fua, P., 2016. Worldwide pose estimation using 3d point clouds. In Large-Scale Visual Geo-Localization (pp. 147-163).Springer International Publishing. Malekpour, A.R., Niknam, T., Pahwa, A. and Fard, A.K., 2013. Multi-objective stochastic distribution feeder reconfiguration in systems with wind power generators and fuel cells using the point estimate method. IEEE Transactions on Power Systems, 28(2), pp.1483-1492.