Cost Estimation methods
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- 2. Advantage and Disadvantage of Existing Cost Estimation Methods Every cost estimation method have some advantages and disadvantages as well. Every method have pros and cons. So here let see about advantages and disadvantages of methods.
- 3. Advantages of Cost Estimation Methods
- 4. Disadvantages of Cost Estimation Methods.
- 5. Selection of Software Cost Estimation Methods Based upon the above study, selecting the best method is a difficult task. Each one of them has its pros and cons which are usually admiring.
- 6. Cont…. Basically , cost estimation methods are of two types as; 1. Algorithmic Method 2. Non-Algorithmic Method
- 7. Cont…. Algorithmic Methods: Algorithmic methods use mathematical equations for the prediction. Algorithmic methods require some efforts to understand but with enough data provide efficient results . Non-Algorithmic Method: Non-algorithmic methods take decisions based upon past data and experience. Non-algorithmic methods are easier to implement but sometimes provide inaccurate estimates.
- 8. Cont…. Thus , one must use a combination of different models to have all the benefits and get the best results. Moreover, the cost estimates should be compared to actual cost and updated on regular basis throughout the project life cycle.
- 9. Usage of Software Cost Estimation Methods It is very common that relate some software cost estimation methods to estimate the cost of software projects. But what have to analyze is that it is very important to repeatedly re-estimate software project cost and to relate marks against actual spending at each major milestone. This keeps the project visible and helps to identify necessary corrections to budget and timeframe as soon as they happen.
- 10. Cont…. “At every software project estimation and re- estimation opinion, repetition is a vital tool to improve estimation quality.”
- 11. Recommendations 1. Do not stuck on any one cost estimation method . 2. For cost and timeframe use different types of estimation methods . 3. Use many cost estimating methods . 4. Compare the results and analyze the explanations for variations. 5. Make documentation of the prediction made when making the cost estimates. 6. Do monitoring and evaluation of whole project accuracy in software cost estimate process. 7. In many ways of effective software process can increase accuracy in software cost estimation. 8. Maintain all previous/past data and make a database
- 12. Conclusion It is very hard to point out a failsafe method, as most of the cost estimation is scenario dependent. Some method are highly accurate but cumbersome to implement , while some only work best on certain known parameters. A wrong estimation technique can significantly delay a project, and a right technique can make a project breeze through its deadlines.