Insights on Cost Estimation Methods and its Uses in Software Project Design

Abstract

Cost estimation of software projects is risky task in project management field. It is a process of predicting the cost and effort required to develop a software applications. Several cost estimation models have been proposed over the last thirty to forty years. Many software companies track and analyse the current project by measuring the planed cost and estimate the accuracy. If the estimation is not proper then it leads to the failure of the project. One of the challenging tasks in project management is how to evaluate the different cost estimation and selecting the proper model for the current project. This paper summarizes the different cost estimation model and its techniques. It also provides the proper model selection for the different types of the projects.