What are the major issues with cost estimation of software projects?
What will be an ideal response?
The software project industry has a very poor record when it comes to project performance. Research has shown that for large companies, less than 9% of IT projects are completed on schedule and budget and over half of the software projects will cost almost 200% of their original budget. A recent book by Steven McConnell offers some insights why software projects suffer. Among these findings are the common failure to budget adequate time and funding for project activities. Small IT projects spend the majority of their time in detailed design, coding and debugging, and unit testing. As the complexity of the projects rises, the focus of activity shifts to three other activities – architecture, integration, and system testing. The implications suggest that IT project budgets must consider the size of the project as they calculate cost components so that the separate functions can be allocated an appropriate budget.
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