Software Cost Estimation

Abstract

Software cost estimation is the process of predicting the effort, schedule and cost required to develop a software system. The fundamental equation for estimating the cost of a software activity is simple in concept, but very tricky in real life. In this paper, we explain how important the software estimate is. Then, we also provide the strengths and the weaknesses of its metrics. There are many estimation techniques and models have been introduced and proposed in software technology, but as a project manager, we must decide what the most appropriate models that we use for are. This paper also provides commercial software estimating tool, COCOMO II that has used by many project managers. The last we also describe about the software risk analysis to give more information to all software estimator. Software cost estimation is used to define the project cost or schedule, to inform investment decisions or to assess whether process or technology improvements are effectives. Even it is difficult to do but we have to face it wisely. In spite of the fact that the software estimates outputs may not always be believed, modern software cost estimating tools are now capable of serving a variety of important project management functions. In addition, the accuracy and precision of such tools is now high enough to merit their use for business agreements such as contracts and outsource agreements.