Review of current software estimation techniques

Abstract

Software Effort Estimation is an onerous but still inevitable task project managers have to perform. Project managers often face the dilemma of selection of estimation approach whenever any new project opportunity comes across. Estimation is required for not only setting a price and bidding rounds but also for planning, budgeting, staffing and scheduling of project related tasks. This paper reviews major cost estimation techniques that are relevant in current scenario. The primary conclusion is - all estimation approaches have few advantages and disadvantages and are often complimentary in their characteristics. Observation and Evaluation of several approaches can be insightful and can help in selecting an estimation technique or combination of techniques best suited for a particular project.