For an effective management accurate estimation of various measures is a must. With correct estimation managers can manage and control the project more efficiently and effectively.
Project estimation may involve the following:
Software size estimationSoftware size may be estimated either in terms of KLOC (Kilo Line of Code) or by calculating number of function points in the software. Lines of code depend upon coding practices and Function points vary according to the user or software requirement.
Effort estimationThe managers estimate efforts in terms of personnel requirement and man-hour required to produce the software. For effort estimation software size should be known. This can either be derived by managers’ experience, organization’s historical data or software size can be converted into efforts by using some standard formulae.
Time estimationOnce size and efforts are estimated, the time required to produce the software can be estimated. Efforts required is segregated into sub categories as per the requirement specifications and interdependency of various components of software. Software tasks are divided into smaller tasks, activities or events by Work Breakthrough Structure (WBS). The tasks are scheduled on day-to-day basis or in calendar months.The sum of time required to complete all tasks in hours or days is the total time invested to complete the project.
Cost estimationThis might be considered as the most difficult of all because it depends on more elements than any of the previous ones. For estimating project cost, it is required to consider -