Cost Management

Many project managers realize that weak estimation surrounding software production is a main source of problems. Previously, estimating the time and cost for software development have been based on guesswork. This should no longer be the case. There are currently many techniques to assist in generating good estimations. Two of these techniques are Constructive Cost Model (CocoMo) and Function Point Analysis (FPA).

1) Describe these methods and provide additional comments on the pros and cons of each approach.

2) What are the impacts of poorly cost-estimated IT projects.