PMP Exam Preparation: Confidence Levels Based on Standard Deviation (Sigma) Values

Sir Ganttalot helps you prepare for the PMP exam by explaining how to apply Standard Deviation (Sigma) values to calculate Confidence Levels for Estimates. A related video explains how Mean Estimates and Standard Deviation are derived in the first place, using Triangular and PERT techniques.

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Education

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• PMP
• Exam
• Preparation
• Sir
• Ganttalot
• SirGanttalot
• PERT
• Standard
• Deviation
• Sigma
• Variance
• Three
• Point
• Estimates
• Estimating
• Confidence
• Level
• Project
• Management
• Professional
• Program
• Evaluation
• and
• Review
• Technique
• Triangular
• Estimate

[katharinefoley]

Thanks for the tip. I'll check out Google! :) One other question. When I last studied Standard Deviation with reference to PERT, to find the Variance we would write it as O - P

I noticed on your slide your write it as P - O 'Just an observation, however, this would lead to different answers' correct?

[SirGanttalot]

P - O will give you a positive number result, as the Pessimistic estimate will be a larger number than the Optimistic estimate. O - P would give you the same number, but with a negative value. Either way, the difference between the two values, P and O, is the number that you divide by 3 (for triangular) or by 6 (for PERT).

[katharinefoley]

Can Pert and Standard Deviation be used with MS Project 2010?

[SirGanttalot]

Unfortunately Microsoft discontinued the PERT analysis features in the Project 2010 version. In Project 2007 there is a PERT Aalysis Toolbar to help calculate PERT values, and you can display Optimistic, Pessimistic and Most Likely Gantts. In Project 2010 you might be interested in Brian Kennemer's add-in macro. Youtube doesn't accept url's in these replies, so search on "brian kennemer three point estimation" in Google and choose the first search result for more info.

[Simplilearn]

Project management Professional certification helps to accomplish projects in more smarter ways.

[akshata172003]

very nice work. hope to see more videos on tools and techniques. have you any thing to share on Agile ways of project management?

[eROCtele]

took me 4 of your videos until I laughed at SirGanttalot. agoodwahnsir

[katharinefoley]

I checked out Brian Kennemer. I followed his directions to include PERT however when I went into Quick Access Toolbar and selected MACRO, PERT did not appear, therefore, I had no choice. Can you offer any suggestions? Also, When Selecting Project - Project Global I accidently clicked on the X and that selection is no longer available to me.... If I've deleted it can it be brought back? Either way without the Project Global window I can't perform this action any more. Thanks in advance.