PMI-RMP Certification Training - Case Study 4

The video tutorial discusses a project managed by Alex with a $5 million budget and a 24-month timeline. It covers the use of three-point estimation for effort and cost, and addresses stakeholder concerns about project completion confidence. Alex is advised to perform quantitative risk analysis, using standard deviation to provide confidence levels. The tutorial also suggests using Monte Carlo simulation for predicting project outcomes and determining additional contingencies.

What should Alex perform to assess the confidence of completing the project within budget and time?

What is the confidence level associated with determining effort for ± 2 standard deviations?