Hello, I am looking for someone to write an article on Cost of Software Estimation. It needs to be at least 1250 words.

Hello, I am looking for someone to write an article on Cost of Software Estimation. It needs to be at least 1250 words. The study found out that only a few software companies had a good understanding regarding this matter, with only a small, percentage taking it as a science and not merely an art. This work details a step by step approach to the estimation of software cost and schedules.

In the initial stage, the program developers require to build an in-depth knowledge of the software cost estimating limitations at the macro level. As we will see in the next diagram, the accuracy of the cost estimate is frequently determined by the present software development stage. Early uncertainty in the estimation process is largely founded on variances in the input parameters to the estimate while later uncertainties to the variance of the models used.

At the start i.e. the concept level, developers may get a definition of the project which is unclear. Here, it is possible to recognize the general purpose of the new software despite the limited knowledge of the requirements. Typically, for an experienced estimator, the estimates at this point will depict an accuracy of ± 50% when using informal methods such as group consensus or historical comparisons (Londeix, 2008).

Once the requirements have been understood to a convincing level, preparation of function-oriented estimate begins. Here, an experienced estimator will come up with estimates depicting an accuracy of ± 25% when using the methods outlined above. On completing the detailed design, the developers roll in the final stage which entails preparation of the implementation-oriented estimate. This estimate frequently depicts an accuracy of ±10 %.

In all these, the key point is recognizing the significance of periodic re-estimates although the project lifecycle, a factor that will enhance identification of problems in the early stages and allow corrective actions to be taken (Trendowicz, 2013).