Software development processes are split into a number of separate activities. Cost estimation of software development project focuses on how associating estimates of effort and time with the project activities. Estimation involves answering the following questions [ 1 ]:. Project cost estimation and project scheduling are usually carried out together.
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Project Cost Management is defined as the process of planning and controlling the project cost and budget effectively and efficiently. It defines what costs are required for each deliverable of the project. It includes various functions of Project management like estimation, job controls, field data collection, scheduling, accounting, design etc. The cost of the project can be estimated from various process sources Examples below Creating Work Breakdown Structure WBS Develop Schedule Plan human resources Identifying risks The inputs of cost management include, Project management plan Project charter Enterprise environmental factors Organizational process assets While, the output of this is Cost Management Plan.