Two types of estimating techniques were discussed in this case.
They are as follows:1. Three-point estimating technique: This technique can also be combined with other estimation techniques as well in order to product more accurate values. By the name itself we can understand that it takes three inputs as the best-case scenario(optimistic estimate), the worst-case(pessimistic estimate) and the most likely.
2. Analogous estimating technique: This technique is used when same kind of projects were undertaken in the past. It compares the current project with the old projects regarding the nature of an organization etc. This is quick and easy technique but not accurate.
This cannot be used for all kinds of projects.
