The importance of software project estimation
Estimations provide the time, cost, effort and resources required to implement a software project.
Accurate estimations are essential to the success of a project. They ensure that: expectations of project stakeholders are satisfied, project timelines and budgets are met.
Project estimations include contingencies for: scope creep, unexpected events (e.g. Covid-19), employee attrition, overruns in budget and timing.
Understanding the skills and experience of project team members enables more accurate estimations of project schedules.
Historical project data provides useful guidelines for estimations. It can be used as a benchmark throughout the project’s lifecycle.