Three-Point Estimating is a project management technique used to improve the accuracy of cost and time estimates. It involves three different estimates: the optimistic estimate (best-case scenario), the pessimistic estimate (worst-case scenario), and the most likely estimate (realistic scenario). By considering these three perspectives, project managers can better assess potential risks and uncertainties. This method helps in calculating an average estimate using a weighted formula, often represented as (Optimistic + 4 × Most Likely + Pessimistic) / 6. Three-Point Estimating is particularly useful in complex projects where uncertainty is high, allowing for more informed decision-making.