Option #1: Beta Distribution (Note: This subject is often included in the PMP exam questions.) You are the project manager for the Sweep Time software project. You have decided to use the beta distribution, or 3-point estimation, technique for this project. For the “phase 1 test” activity in days, the following estimates are available: O=5, P=10, M=6.Address the following:
Explain beta distribution, when it is used, and the benefits and shortcomings of the technique.
What is the result of this estimate in the example?
How does a skew from the mean/median figure relate to planning a project? That is, if your beta is 7.5 and your M=6, how do these relate?
Write a 3- to 4-page paper addressing beta distribution. The length does not include the required title and references pages, and the appendix in which you show your calculations.
Support your paper with a minimum of two current scholarly sources from the CSU-Global Library, in addition to any course textbooks or lecture material.
Note that for this assignment, current sources are those published in the past five years. Of course, you may always exceed the minimum number of sources.
Format the entire submission according to the CSU-Global Guide to Writing & APA (Links to an external site.).