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These factors are essential to consider even when using formal estimation models, because much of the input to these models is judgment-based. Factors that have been demonstrated to be important are wishful thinking , anchoring , planning fallacy and cognitive dissonance .
Cost estimation in software engineering is typically concerned with the financial spend on the effort to develop and test the software, this can also include requirements review, maintenance, training, managing and buying extra equipment, servers and software. Many methods have been developed for estimating software costs for a given project.
Closely related software parametric models are Constructive Cost Model , Parametric Review of Information for Costing and Evaluation – Software (PRICE-S), and Software Evaluation and Estimation of Resources – Software Estimating Model . A claimed advantage to this model is the simplicity of calibration.
The Constructive Cost Model (COCOMO) is a procedural software cost estimation model developed by Barry W. Boehm. The model parameters are derived from fitting a regression formula using data from historical projects (63 projects for COCOMO 81 and 163 projects for COCOMO II).
Cost estimation models are mathematical algorithms or parametric equations used to estimate the costs of a product or project. The results of the models are typically necessary to obtain approval to proceed, and are factored into business plans, budgets, and other financial planning and tracking mechanisms.
The Constructive Systems Engineering Cost Model (COSYSMO) was created by Ricardo Valerdi while at the University of Southern California Center for Software Engineering. It gives an estimate of the number of person-months it will take to staff systems engineering resources on hardware and software projects.
Use case points (UCP or UCPs) is a software estimation technique used to forecast the software size for software development projects. UCP is used when the Unified Modeling Language (UML) and Rational Unified Process (RUP) methodologies are being used for the software design and development.
SEER for Software (SEER-SEM) is composed of a group of models working together to provide estimates of effort, duration, staffing, and defects. These models can be briefly described by the questions they answer: Sizing. How large is the software project being estimated (Lines of Code, Function Points, Use Cases, etc.) Technology.