Question

Define software cost estimation process. why it is required

Answer 1

Software projects are notorius for going past their deadline, going over budget, or both. The problem lies in the estimation of the amount of effort required for the development of a project. The cost estimation is usually dependent upon the size estimate of the project, which may use lines of code or function points as metrics (see Size Estimation). There are several different techniques for performing software cost estimation, including expert judgement and algorithmic models. Estimation by expert judgement is a common way of estimating the effort required for a project. Unfortunately, this method of estimation does not emphasize re-estimation during the project life cycle, which is an important part of project tracking, because it allows the estimates to be improved during the project life cycle. The quality of a cost estimation model is not so much attributed to the initial estimate, but rather the speed at which the estimates converges to the actual cost of the project. COCOMO is a popular algorithmic model for cost estimation whose cost factors can be tailored to the individual development environment, which is important for the accuracy of the cost estimates. More than one method of cost estimation should be done so that there is some comparison available for the estimates. This is especially important for unique projects. Cost estimation must be done more diligently throughout the project life cycle so that in the future there are fewer surprises and unforseen delays in the release of a product.