What you'll learn

How confident are you when you create project schedules and budgets? How confident does your project sponsor want you to be? What would it cost to increase your confidence, or how much less costly would your project be if you accepted more risk? Using Microsoft's built-in statistical functions, you can easily create probabilistic project estimates using just a 3-point estimate (minimum, most likely, maximum) for any uncertain outcome and a subjective opinion about how likely the most likely outcome really is. Using the normal distribution probability curve and Excel's statistical functions, it's easy to see the difference between low risk, high cost, long schedule estimates from high risk, low cost, short schedule estimates. The key concept that this course introduces is called Statistical PERT, which goes well beyond the Program Evaluation and Review Technique (PERT.) Statisitical PERT can be used by both traditional and agile project teams to create project-related estimates. Using additional Excel statistical functions, this course also shows how traditional project teams can use the Unified Scheduling Method to create dynamic, right-sized project reserves for when their Statistical PERT estimates are exceeded during the project execution phase. Confidently create project estimates to fit any tolerance for risk you want using Microsoft Excel, Statistical PERT, and the Unified Scheduling Method!