A Framework for Software Project Cost Estimation
A Framework for Software Project Cost Estimation

Summary/Abstract: Project Management Institute has just published a comprehensive Practice Standard for Project Estimating that aligns with the Project Management Body of Knowledge (PMBOK ® Guide). In this paper we illustrate this new practice standard, its inputs, activities and outputs, using real-world cost estimation tools and techniques. In particular, a parametric model designed by the author is used to illustrate how order-of-magnitude cost estimation works within the context of this framework. This paper provides a timely opportunity to understand the Project Estimating global standard and to appreciate three cost estimation techniques - analogous, parametric and bottom-up.

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