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The Business of Software: The Goldilocks Estimate.

The author discusses project estimates in software development, arguing that organizations often make decisions based on low quality estimates made quickly with little research or spend too much time and money accounting for any possible uncertainty in a project estimate. He outlines a formula for t...

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Published in:Communications of the ACM Vol. 55; no. 10; pp. 24 - 26
Main Author: Armour, Phillip G.
Format: Opinion
Published: Association for Computing Machinery Oct2012
Subjects:
Cost estimates
Decision making in business
Project finance
Computer software development
Mathematical models
Cost
Online Access:View this record in EBSCOhost
Summary:The author discusses project estimates in software development, arguing that organizations often make decisions based on low quality estimates made quickly with little research or spend too much time and money accounting for any possible uncertainty in a project estimate. He outlines a formula for the calculation of an estimate which optimizes time and cost on the basis of project goal target cost and the parameter of the business practice supported by the project.