Yes. True
estimation is how much you think it would costs and budget is how much you decide it will cost after several estimations. budget is how much you can spend.
I found a wonderful software to do cost estimation, budgeting in direct and indirect, resource management and easy way to sheduling the tasks. The name of the software is ProBID+ 2009. Link is as below. http://www.aeclogic.com/ProBID.aspx I hope this sofware is very useful to you also. All the best.
Henry Bessemer
Lines of code and function points were described as measures from which productivity metrics can be computed. LOC and FP data are used in two ways during software project estimation: (1) as an estimation variable to "size" each element of the software and (2) as baseline metrics collected from past projects and used in conjunction with estimation variables to develop cost and effort projections.
Regional prices can vary, but scraping and waterblasting are typically the most cost-effective means of removal.
Yes. True
Yes. True
estimation is all about Size and scope Effort Time Schedule and Cost. for a s/w development process. Satyajit Kumar Sethy(Wipro Technology)
The most difference is on cost estimation. In PreFS, cost estimation is based on assumptions while cost estimation in FS is normally based on vendors' offers/proposals, at least for expensive price equipment/materials.
an estimation is an educated guess as to the cost of a certain procedure or product.
The basic difference between the account analysis method and the high-low method in cost estimation lies in their approach to identifying fixed and variable costs. The account analysis method involves a detailed review of each account in the financial records to classify costs based on their nature, while the high-low method uses only the highest and lowest activity levels to estimate variable and fixed costs, making it simpler but potentially less accurate. The account analysis method provides a more comprehensive view, whereas the high-low method is quicker but may overlook variations within the data.
For extremely large populations, the best method to determine size is often statistical sampling. This involves taking a representative sample of the population and using statistical techniques to estimate the full population size. This method is efficient and cost-effective for large populations.
Cost estimation is important because each project has the risk of added costs that weren't consider up front throwing the project into a state where you may not have the budget required to continue working on the project. The cost estimation should include the initial assessment plus % available for added costs.
COCOMO constructive cost estimation model
1,estimation is finding the cost before it has been actually manufactured. and costing is finding cost after manufacturing the product including the defect product cost. 2,estimation need high technical skills and knowledge hence its done by engineering department but costing need high accounting skills hence its usually done by Accountants or account departments 3,estimation foresee the probable cost and hence it can be used to decide whether one need to produce a particular product or not. or if its profitable or not costing helps to understand to what extent the estimation holds good also when and where it fails
estimation is how much you think it would costs and budget is how much you decide it will cost after several estimations. budget is how much you can spend.
High and low method is the method for separating fixed cost and variable cost from mixed cost.