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Estimating Cost - Estimating Cost Required to Complete a Project

Estimating Cost - Estimating Cost Required to Complete a Project

Project Competency 14:

Estimating Cost - Estimating Cost Required to Complete a Project


Along with schedule and scope, forecasting and managing costs represent fundamental and essential skills. These competencies are not easy - it has been said that the only thing harder than forecasting the future is changing the past.

Knowledge of software size is supreme, as it is the foundation for effort and cost estimation. "Software Size and Reuse Estimating" explores well-respected size estimation techniques. The correctness of the software product size estimate feeds the accuracy of the effort estimate ("Estimating Duration and Cost"). An effort estimate leads directly to labor costs, and can be added to other costs such as materials and overhead to create a reasonable overall cost figure for the software project. The following figure demonstrates the estimated trend for using senior designers on a software development project.
Estimating Effort
Software size largely depends on the requirements, which we will cover in "Eliciting Requirements".  In "Assigning Resources" we will learn how resource assignments can considerably affect project costs through such factors as overtime, perks, and experience level.



Tags

software size, software development project, project cost
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