How to Get a More Accurate and Efficient Software Project Estimation
Updated on Jun 6th, 2022
Estimating software projects is no more an easy task rather equally challenging. Moreover, you can take some steps to make sure you get a precise estimation promptly. However, the hard and fast rule is more information you disclose the quicker and more accurate your estimate would be.
Start with clearly articulating your needs. Try and consider the following
1. What is your goal, and what does your software vendor need to know?
2. How much time does the vendor would need to estimate the cost of the project?
When we talk about the scope of the project, it could take between one to three days to come up with an estimation. We have some ways for you to speed the process and make it smoother for everyone involved.
Tips to Get More Accurate and Efficient Software Project Estimation
1. Know What You Want The Software To Achieve
You would get a better idea of the product you want, consider the user flow, create an app mockup, and set goals for traffic volumes, and then you can easily communicate your expectations to your developers. If your software vendor has an idea about the level of traffic volume that you are expecting to earn, they will be better able to define the technical requirements for the future to you. It’s better to assume your traffic will be low at first since overnight success happens in a rare case. As your traffic grows, you might need to double your project or even triple to accommodate the additional users. If you don’t have the necessary requirements figured out, host a discovery workshop that would help you to define them. This is going to broaden your timeline.
2. Fixed-Price Contracts Offer Security but Less Flexibility
When it comes to fixing the price, at some point, you and the vendor would agree on a price. This would give you the security and assurance, and no, don’t worry, you won’t need to exceed your budget. But you see it offers less flexibility in product development. Under this pricing model, introducing new changes to the scope of your project may seem to be difficult at first. You will have to put in a lot of extra effort, and it could be time-consuming “user change request,” and which may cost you additional.
3. Time and Materials Offer Flexibility but Less Cost Assurance
Unlike the fixed-price model, time and materials provide more developmental flexibility so that changes can be introduced smoothly and quickly, but it would cost you. A “Time and Materials” contract also helps you get started faster, which adds up a clear advantage: As soon as your software gets ready, it can quickly bring you profit. In general, clients struggle with changing their product in the final stages of development while using the fixed-price model. And due to this, the vast majority of the contracts are time and materials.
4. Time and Materials With a Cap Allow Flexibility Without the Risk of Exceeding Budget
Go for “Time and Materials With a Cap” pricing model if flexibility and cost security is your priority. This implies that you can set a budget limit and make sure you don’t exceed a pre-defined amount. The “cap” essentially means you factor a total cost limit into the equation. This approach will help you avoid overspending by allowing room for adjustments.
To Sum Up
Software project estimation is, in general, not an insignificant or minor task. The most advisable thing is to have a group of estimators that are experienced in different industries and types of projects. They will have to work together to reach a clear understanding of the scope, goals, and commitments and to use the recommendations made to reduce delayed uncertainties to get the most accurate estimation, both in times and costs.
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