Many seasoned estimating practitioners will tell you that a Range Estimate is always better than a single-point deterministic estimate. (We have a better chance of being right, or less chance of being wrong, if we are one of those âglass is half-emptyâ people!)
If we create a Range Estimate (or 3-Point Estimate) using Monte Carlo Simulation we are in effect estimating with random numbers (â¦ and Iâve lost count of the number of Project Managers who have said, âIsnât that how you estimators usually do it?â).
A word (or two) from the wise?
'The generation of random numbers is too important to be left to chance.'
Robert R. Coveyou American Research Mathematician Oak Ridge National ...