Estimation of Various Parameters such as Cost

Estimation of Various Parameters such as Cost: 

The cost estimation is a tool to estimate the planning, budgeting and resource utilization for the software projects.

• Effort: The amount of effort required to complete the development of software projects in terms of Man-Months (MM).
• Development Duration: The time duration required to complete the development of a software project i.e. total development time.
• Resources: The number of Manpower required for a software project in terms of time to complete.

There are multiple SCE methods/models in terms of size or type of project or in a 

static nature with dependent factors (single parameter or multi parameters). Such as:

1. COCOMO or Algorithmic Model

It is called the Constructive Cost Model, which is mainly used for software cost estimation i.e. it estimates/predicts the effort required for the project, total project cost and scheduled time for the project. This model depends on the number of lines of code for software product development. It also estimates the required number of Man-Months (MM) for the full development of software products.

1. Wideband Delphi or expert Judgment Model

Expert Judgment is a technique in which judgment is provided based upon a specific set of criteria and/or expertise that has been acquired in a specific knowledge area, application area, or product area, a particular discipline, an industry, etc. Such expertise may be provided by any group or person with specialized education, knowledge, skill, experience, or training

1. Static Single Variable Model

A single variable is taken as a key element for calculating cost and time. In a dynamic model, all variables are interdependent, and there is no basic variable. The Software Engineering Laboratory established a model called SEL model, for estimating its software production.

1. Static Multivariable Model

These models are also known as multivariable models. This model is often based on the first equation and actually depends on several variables representing different aspects of the software development environment.

1. Estimation by Past Project Model

The software cost estimation is done for the new project by comparing the previous completed project estimation. Here the estimation cost should be reconsidered. Sometimes we manipulate estimation to win the Contract of project.