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Cost Estimation

“In the assessment phase, estimators analyze the project to be estimated. Time pressure typically constrains their ability to understand the scope of the task, so a focus on ramping up the estimators’ knowledge of the business problem is essential. The general approach is to model the solution, identify the components, and then estimate their size and complexity. Finally, tasks that are not strictly mapped to components are added. The essential point is that effort is not estimated at this point—just size and complexity. Here we introduce the first bias reduction mechanism: The sizing should be performed independently by more than one person. If the enterprise has never developed a system like this before, cost estimation will be a problem. Looking at similar solutions implemented by competitors can help with understanding the complexity (e.g., there are many details in the shopping cart checkout process: change quantities, cancel item, shipping options, calculating shipping costs, etc.).”

Murthy, S. (2011). Project cost estimation. In D. Lane (Ed.), The Chief Information Officer's Body of Knowledge: People, Process, and Technology (p. 175). Hoboken, NJ: John Wiley & Sons, Inc.