A Simple Method for Cost Estimating and Controlling

2019 ◽  
Vol 5 (2) ◽  
pp. 58-61
Author(s):  
Fanny Fanny
Keyword(s):  
Cost Estimation ◽  
Cost Management ◽  
Software Project ◽  
Cost Estimating ◽  
Earned Value ◽  
Software Projects ◽  
Simple Method ◽  
Value Analysis ◽  
Earned Value Analysis ◽  
Cost Controlling

Based on software project survey from Standish Group’s “CHAOS Report”, 29% of software projects in large enterprises can be delivered on time and not over budget, 53% of software project were over budget or had some problem with the schedule, and 18% of software project were failed. This means that cost management is very important to prevent the possibility of project’s failure. Therefore, in this paper, we provide and recommend some methods and technique in order to do cost estimation and cost controlling as the crucial part of project cost management. We recommend Activity-Base Costing method for cost estimation and Earned Value Analysis for cost controlling. As the result of this paper, these two methods can be applied properly to real project and ease the project manager to estimate and control the cost of the project. 

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

2020 ◽  
pp. 166-169
Author(s):  
Aravindhan K
Keyword(s):  
Project Management ◽  
Cost Estimation ◽  
Estimation Methods ◽  
Software Project ◽  
Estimation Model ◽  
Software Projects ◽  
Software Applications ◽  
Software Companies ◽  
Cost Estimation Model ◽  
The Cost

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.

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