Cost estimation is crucial in software development because inaccurate (over or under) estimation can adversely impact profitability. Moreover, it can also lead to poor decision making, and inefficient allocation and distribution of resources, directly affecting the project’s productivity.
Therefore, accurate software cost estimation is probably one of the most important aspects when it comes down to project development and also one of the hardest things to do.
In this blog, I will discuss how to calculate the software development cost and some of the crucial factors influencing it.