With estimation tools, you can create a probability distribution. For example, there is a 20% chance that the project will take 14 months or less, but there is a 90% chance that it will be done within 32 months. Estimation tools can also provide multiple estimates based on peak team size. For example, if a certain number of people work on the project, how long it will take to complete? If a specified number of people are added, how will the schedule change?
By using the estimation tools, the Steering Committee can better understand the cost of the project and the uncertainty associated with the cost. The relationship between team size and duration is not simple; doubling the team size does not halve the duration. You can use the estimation tools to make multiple estimates that are difficult to compute manually. The estimation tools transfer multiple estimates for a given project into the Probability matrixes in the workspace. Each estimate is a probability distribution of duration, labor cost, and peak staffing.
For more details, see the documentation for your estimation suite.