Example: 7a. Explain why many IT professionals may overlook project cost management and how this might affect completing projects within budget.
IT professionals are more focused on finishing the project than in cost management. IT professionals are also more concerned about the development of the project and all the possible problems that it can incur. IT professionals might overlook the project costs and focus on the processes, and this could harm the project. Managing the costs of a project is essential for project success and also to avoid overruns in the expenses.
7b. Visit the US. Government accountability, office webpage, and click on the GAO Cost Estimating and Assessment Guide, March 2009. http://www.gao.gov/new.items/d093sp.pdfReview chapter 12 of this government report titled “Chapter 12 Estimating Software Costs” (p. 143). Summarize, in your own words, the steps for cost estimating for software development.
there are 12 steps for cost estimating for software development.
Define the estimate’s purpose
2 Develop the estimating plan
3 Define the program characteristics, the technical baseline
4 Determine the estimating structure, the WBS
5 Identify ground rules and assumptions
6 Obtain the data
7 Develop the point estimate and compare it to an independent cost estimate
8 Conduct sensitivity analysis
9 Conduct a risk and uncertainty analysis
10 Document the estimate
11 Present the estimate to management for approval
12 Update the estimate to reflect actual costs and changes
Developing a plan and the purpose of the estimates is the first step for a reasonable estimate for software development. After this, the efforts and requirements of the forecast. Next, are the ground rules and the relevant data for the event for the estimates. A sensitivity analysis comes next and also comparing the costs estimates to an independent cost estimate. Next is the risks analysis and documenting all the data gathered. Presenting results and comparing them to actual costs are the lasts steps for the costs estimating for software development.
What is unique about cost estimation of software development compared to other kinds of project development?
7c. The estimation of software development is different since the software development is very uncertain at the beginning, and the costs incurred for the project must be continuously adjusted. It is precise in every step and detailed.
7d. Describe the risks associated with software cost and schedule estimation
Risks are that people might do the estimates to quickly and also the people doing it might lack estimating experience what is crucial for the developing of software.
7e1. Explain how earned value management (EVM) can be used to control costs and measure project performance and speculate as to why it is not used more often. What are some general rules of thumb for deciding if cost variance, schedule variance, cost performance index, and schedule performance index numbers are good or bad?
EVM is often used to control the costs by using the earned value formulas and a drawn value chart. The lack of essential information might be a cause for not using the EVM. General rules of thumb, If the CV is negative, then the cost would be more than planned, and if the CV is positive, then the work cost less than anticipated. If the SV is negative, the work is going to take longer, and if the SV is positive, then the work will take less time.
7e3. Determine the project status concerning the budget and schedule.
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