Latest Technology Insights
Stay abreast of what’s trending in the world of software development with our well-researched and curated technology blogs.
Streamline business operations with a comprehensive ERP solution
Drive growth with a powerful Customer Relationship Management platform
Innovative healthcare apps that prioritize well-being and efficiency
Cutting-edge solutions, ensuring seamless transactions and security
Skilled IT professionals to boost productivity and achieve goals
Advanced analytics solutions that drive data-driven decisions
Embrace flexibility of cloud with our tailored solutions
Simplifying tax compliance with intelligent Indirect Tax Systems
Extending the capabilities of Salesforce to suit your business requirements
Automate and organize business workflows with Salesforce Implementation
Ensure unified and efficient ecosystem with Salesforce Integration
Expert guidance to maximize the potential of Salesforce for your business
Achieve smooth operability with Salesforce managed services
Tailoring NetSuite implementation to boost efficiency
NetSuite consulting services to get the most out of your NetSuite solution
Seamlessly connecting NetSuite with existing systems for a unified experience
Get reliable assistance to keep your NetSuite platform running smoothly
Expert IT guidance and strategic solutions for success
Crafting dynamic web applications to elevate user experiences
Innovative mobile apps to connect businesses with their users
Enterprise mobility services to enhance productivity and collaboration
User-centric SaaS solutions to cater to diverse business needs
Creating connected experiences and unlock new possibilities
Safeguarding your mobile apps and data with robust security measures
Fortifying your digital assets with comprehensive cybersecurity solutions
Streamlining development and operations with DevOps solutions
Choosing Excellence: Discover the Closeloop Advantage
Innovative minds at work to transform businesses globally
Inclusive work environment with utmost flexibility
Explore the amazing life, people and opportunities at Closeloop
Inclusive work environment with utmost flexibility
Celebrating Excellence: Our Journey of Recognitions
Voices of Trust: What Our Clients Say About Us
Empowering Success: Our Collaborative Client Partnerships
Empowering businesses digitally for past three decades
Building robust healthcare apps to transform patient care
Interactive e-Learning Apps for Personalized Learning Experiences
Simplifying compliance and governance with regulatory software solutions
Elevating businesses with bespoke e-commerce apps
Unleash the potential of data with analytics and warehouse apps
Secure mobile app solutions for facilitating banking and lending operations
Powering talent acquisition and HR management with intuitive solutions
Equity Rollup company management with efficient ERP/CRM implementation
Optimizing logistics with cutting-edge apps
Driving the future of electric mobility with innovative apps
Boost sales with engaging solutions for retail businesses
Tailor-made applications for efficient supply chain management operations
Custom feature-rich apps for hospitality and tourism industries
Integrating critical systems for unparalleled efficiency with powerful apps
All in one solution to run and manage sports membership programs
Streamline business operations with a comprehensive ERP solution
Drive growth with a powerful Customer Relationship Management platform
Innovative healthcare apps that prioritize well-being and efficiency
Cutting-edge solutions, ensuring seamless transactions and security
Skilled IT professionals to boost productivity and achieve goals
Advanced analytics solutions that drive data-driven decisions
Embrace flexibility of cloud with our tailored solutions
Simplifying tax compliance with intelligent Indirect Tax Systems
Extending the capabilities of Salesforce to suit your business requirements
Automate and organize business workflows with Salesforce Implementation
Ensure unified and efficient ecosystem with Salesforce Integration
Expert guidance to maximize the potential of Salesforce for your business
Achieve smooth operability with Salesforce managed services
Tailoring NetSuite implementation to boost efficiency
NetSuite consulting services to get the most out of your NetSuite solution
Seamlessly connecting NetSuite with existing systems for a unified experience
Get reliable assistance to keep your NetSuite platform running smoothly
Expert IT guidance and strategic solutions for success
Crafting dynamic web applications to elevate user experiences
Innovative mobile apps to connect businesses with their users
Enterprise mobility services to enhance productivity and collaboration
User-centric SaaS solutions to cater to diverse business needs
Creating connected experiences and unlock new possibilities
Safeguarding your mobile apps and data with robust security measures
Fortifying your digital assets with comprehensive cybersecurity solutions
Streamlining development and operations with DevOps solutions
Saurabh Sharma
VP of EngineeringVP of Engineering at Closeloop, a seasoned technology guru and a rational individual, who we call the captain of the Closeloop team. He writes about technology, software tools, trends, and everything in between. He is brilliant at the coding game and a go-to person for software strategy and development. He is proactive, analytical, and responsible. Besides accomplishing his duties, you can find him conversing with people, sharing ideas, and solving puzzles.
Looking to estimate the cost and time needed to complete your next software project? You're in the right place. In this guide, we'll discuss everything from the basics of software project estimation to more complex methods like agile estimation.
We'll also cover tips and tricks for making the process as smooth and accurate as possible. So whether you're just starting as a software development agency or want to build something for your business, read on for a comprehensive guide to software project estimation.
The first step in any estimation is getting the correct information. With the correct data, you can hope to do an accurate estimation. This means gathering data from all relevant sources and ensuring you have a complete view of the project.
This can be difficult, as different people with different levels of knowledge can manage different parts of a project. As the estimator, it is your job to collect accurate information in the most desirable quantity and to put together a comprehensive plan that accounts for every detail.
To estimate a project accurately, you must understand all the moving parts. What features does the project need? What development work needs to be done? What are the potential roadblocks?
You also need to take into account any dependencies the project may have. For example, if you're building a website, you'll need to factor in the time it takes to design and develop the templates. If you're developing a mobile app, you'll need to consider the time needed for user experience design and testing.
Also Read: SaaS vs Custom Software Solution - Which One Fits Right for Your Business?
"How do you eat an elephant? One bite at a time!"
You may have heard the above saying a couple of times. Well, it more or less summarizes what software project estimates are all about. You can't estimate the entire project at once—you need to break it down into manageable tasks.
Rather, we must put it this way- "Never estimate an entire project all at once".
To do this, you'll need to understand the project requirements well. What features? What goals? Once you know what needs to be done, you can estimate individual tasks.
This is where your team's expertise will come in handy. Ask them how long they think specific tasks will take, and then use that information to come up with an estimate. Be realistic and use your best judgment when assigning timeframes.
No one is perfect, and estimations will constantly change as new information becomes available. But by breaking down the project into smaller tasks, you'll get a better idea of how much work is involved and can plan accordingly.
Now that you know what inputs and factors are at play, it's time to learn how to calculate effort, duration, and cost. You may need to calculate one or all three of these parameters depending on the context.
The effort is typically calculated using resources such as person hours or machine capacity. You'll need to know how many resources you need and how long based on the task size and complexity. This will help you identify the total effort hours required for a project.
Duration is the length of time for a task or project execution. To determine this number, use algorithms like PERT or Critical Path Analysis (CPA) that consider various dependencies between activities and tasks to estimate the total duration of a project.
Finally, cost estimates come after calculating effort and duration. This involves setting a rate per unit of resource used, factoring in overhead costs such as taxes and facility costs, and multiplying these numbers to estimate the total cost.
While the process of risk management itself isn't necessarily a new concept, integrating it into your project estimation can have a massive impact on the long-term success of your software development project.
When looking at risk-related items in your software project, consider how these may affect the effort and cost of the project. How can we reduce the project's risks? What tasks will be impacted by the presence of risk? Can we proactively plan for unexpected issues?
You can use modern-day tools and techniques to map and manage risk in software development projects. When building out your estimates, it's essential to consider these risks so you can plan for them and ultimately prevent issues from arising that could negatively impact your bottom line.
The next step in the software project estimation process is establishing key metrics for tracking and evaluation. This involves setting goals, objectives, and targets that will provide feedback on the progress and success of your software project.
Tracking metrics provide measurable outcomes that you can use to assess your project's performance and determine if the project is on track or deviating from initial estimates. Key metrics may include costs, scope, timeline, efficiency, impact on customer satisfaction, etc.
Accurate estimation allows for the proper allocation of resources and the setting of achievable goals. Inaccurate estimation can lead to cost overruns and schedule delays. The following practices can help improve the accuracy and reliability of software project estimates:
The first step in estimating a software development project is to define the project scope and requirements. This includes understanding the business goals of the project and the features and functionality that need to be implemented. With a clear understanding of the project requirements, estimating the effort required to complete the project accurately is easier.
A requirements-based estimation approach is often the most accurate way to estimate software development projects. This approach involves breaking down the project requirements into specific tasks and estimating the effort required to complete each task.
If you have historical data from past software development projects, you can use this data to help estimate the effort required for future projects. This data can include the number of hours required to complete specific tasks, the average number of defects found in the testing phase, and the average time it takes to deploy a new release.
It is helpful to break down the estimated effort required for a software development project into specific phases, such as requirements gathering, design, development, software testing, and deployment. This allows you to estimate the overall effort required for the project more accurately.
A risk-based estimation approach considers the potential risks and uncertainties that could impact the project. This includes factors such as the project's complexity, the availability of resources, and the potential for unexpected problems.
When estimating the effort required for a software development project, it is helpful to break down the tasks into small, manageable chunks. This makes estimating the effort required for each task and tracking the project's progress easier.
A team-based estimation approach involves getting input from all development team members. This allows team members to share their knowledge and expertise, resulting in a more accurate estimate.
Several software tools can help you estimate the effort required for a software development project. These tools allow you to enter the project requirements and generate an estimate for the effort required to complete the project.
If your software project estimates are over budget, there are a few things you can do:
Even better would be to get in touch with an expert. You can find one easily by getting in touch with custom software development services.
Without accurate estimation, it can be difficult to determine whether a project is feasible and how much it will cost. Are you struggling to estimate the time and resources necessary to complete your software project? Do you need help prioritizing your project tasks?
Experienced custom software development services can help you assess the time and resources necessary to complete your project, identify and prioritize project tasks, and help you stay on track and budget.
Also Read: How to Hire Web Development Agency - Step-by-Step Guide
An experienced team understands that every project is unique. They can provide a detailed estimate for your entire project or help you prioritize and estimate specific tasks. And in case you have already completed the initial development cycle, you can use their expertise to track your project's progress and adjust your budget and timeline as necessary.
So, there you have it. A complete guide to software project estimation. This guide won't be perfect for every project; it should give you a good starting point. We hope you will use the information to estimate the time and resources required to complete a project.
And if you still need help, hiring an expert is a wise choice. Contact reputable custom software development services if you have questions or need help with your project.
Also Read: How to Calculate Website Redesigning Cost
Stay abreast of what’s trending in the world of software development with our well-researched and curated technology blogs.
Digital transformation is becoming increasingly important as it helps the companies keep up wit…
In today's world, sustainable energy sources are a pressing necessity. We are racing against ti…
Retail is experiencing unprecedented change in today's rapidly evolving digital environment. On…
Businesses are always searching for innovative ways to improve efficiency and streamline operat…
The importance of efficient data management and analytics is more apparent than ever in an age …
Modern employment markets are constantly shifting as digital technology changes our world and j…
Staying ahead in today's intensely competitive business landscape requires harnessing modern te…
Whether a small business, an SME, or a start-up, custom software solutions are a must-have. The…
2024 will see further advances in web app development, mainly through software as a Servic…
Artificial Intelligence has evolved rapidly and spread across many industries over the past few…
Running a successful business can be like having an enormous fan base that you need to manage e…
Cloud computing has transformed how we work and brought about an exhilarating era of technologi…
In an increasingly fast-evolving technological landscape, companies continue to search for ways…
Healthcare is one of the fastest-evolving and expanding business sectors today. Building a heal…
The vast application and adoption of web technologies attests to their importance, contributing…
If the future of AI seems unpredictable, that may be because current innovations in this field …
Global developer numbers will reach 28.7 million by 2024 - an increase of 3.2 million from 2020…
Human Resources (HR) are something nearly all businesses rely on for survival. From small start…
Healthcare customer relationship management (CRM) software has seen tremendous growth over the …
Prototypes and Minimum Viable Products (MVPs) are an integral component of product development.…
The market for healthcare software solutions was worth an estimated $11.5 billion in 2014 and i…
Economic incidents like the 2008 financial crisis caused public discourse about tax services an…
Data analytics services continue to rise as more businesses recognize its power for making busi…
eCommerce industry growth is at an all-time high due to technological developments and consumer…
Recent years have witnessed rapid expansion in the Cloud Computing market. Cloud providers such…
Once organizations understand the advantages of Salesforce sales cloud implementation, their ne…
Real-time statistics are increasingly crucial in today's market. Therefore, keeping tabs on dat…
E-commerce has come a long way since the initial online marketplaces first appeared in the 1990…
DevOps is becoming an increasingly sought-after IT practice across industries of all types and …
Nearly 80% of the world now owns smartphones, and downloads continue to skyrocket (230 billion …
Producing and releasing new software into the market takes much work. Programmers face various …
IoT (Internet of Things) is one of the newest technologies that is quickly growing in popularit…
ERP stands for Enterprise Resource Planning and is a complex system that involves using one pla…
Undoubtedly, digital transformation is happening at a breakneck speed, and companies must quick…
Since 1983, when it first came online, there have been over 1.58 billion websites with approxim…
Power Automate is an indispensable solution in IT solutions today, helping businesses streamlin…
Mobile banking app development has brought revolutionary change to banking services, as technol…
Businesses experience difficulties from even minor workflow management issues, leading to the n…
Cloud technology is an indispensable enabler of digital transformation, offering businesses inn…
A CRM is the best way to increase sales, manage customer information, and get more leads. A cus…
Over the last few years, the hospitality industry has undergone a radical transformation. This …
Sustainability has become an indispensable aspect of business success today, similar to digital…
Over the past few years, fintech solutions and companies have significantly transformed the fin…
Customer experience has become a deciding factor in today's technology-driven world. However, t…
Idea generation is the first step in any new product development. The initial idea might seem i…
Banks and financial institutions store sensitive customer information such as social security n…
Microsoft Power Apps has become a go-to platform for developers looking to develop low-code app…
Fintech is booming unprecedentedly, with new platforms and apps being launched daily. The Ameri…
E-commerce has quickly become an essential aspect of business in today's evolving digital envir…
In today's demanding landscape, customer service demands cutting-edge solutions that enable sea…
By consolidating finance, inventory, human resource, manufacturing, and customer relationship f…
Salesforce CRM is one of the world's premier Customer Relationship Management solutions, s…
Businesses of all industries are adopting enterprise resource planning platforms more regularly…
Harry Gordon's words still hold when starting a small business. To ensure its success, your com…
Businesses may utilize an ERP system as part of their overall business administration system to…
Maintaining data and building meaningful customer relationships are two essential tasks of mode…
Salesforce Cloud has become an indispensable component of modern business operations. Offering …
Cloud was not commonly understood during the late 1990s; few saw its potential. A handful of vi…
Assembling the right Customer Relationship Management (CRM) platform can be daunting. NetSuite …
Customer relationship management (CRM) has emerged as an indispensable strategy in today's high…
First, let me state that Salesforce implementation can be completed independently to reach pote…
Salesforce has long been considered a pioneer of Customer Relationship Management (CRM), holdin…
Closeloop Technologies, a leading provider of innovative IT solutions, today announced that it …
Website redesign services are essential for businesses looking to revamp their online presence.…
Are you ready to join the list of enterprises that have migrated to the cloud? If yes, remember…
The dynamic nature of the world compels high-tech companies to evolve around the digital revolu…
Delivering a software project is a challenging task, and numerous organizations struggle to com…
Enter the world of cloud computing and you're faced with a difficult decision: which platform i…
Are you ready to revolutionize your client service and take your business to greater heights? O…
You've heard the saying, "The customer is always right." But what does that mean for businesses…
CRM (Customer Relationship Management) innovation is a vital aspect of modern business as it he…
Closeloop Technologies believes creativity helps achieve maximum growth in digital transformati…
United States, Dec 12, 2022- Closeloop Technologies, a leading software development company, ha…
Netsuite is a globally recognized business operating platform out-turn the growing companies to…
You may have heard about the benefits of AI in eCommerce, but did you know that AI can also be …
It would be best if you study how to perform quality assurance (QA), regardless of whether you …
Software is running the world. While this claim has been made numerous times before, the import…
Have you ever considered hiring a UI/UX design agency? If not, this blog will tell you all the …
Today, businesses are continuously looking for new methods to remain competitive in the face of…
In this tech-savvy world where everyone is keen to know the latest trends in technology, it is …
In the year 2022, it will be almost impossible to successfully manage a business, either a smal…
Technological advancements significantly impact various business sectors, and financial technol…
Building a successful website from scratch requires a lot of labor and, at the very least, desi…
The perpetual switch from the following technologies makes the business environment much more c…
The Amazon Web Services Certification program helps professionals gain credibility and self-ass…
When it comes to finding love, you don't need to go any further than your cell phone. In today'…
You might think you have plenty of time to figure out the migration to NetSuite, but honestly, …
Music runs through the veins of most people, if not all. It is a significant part of our routin…
The world is progressing towards portable technologies, from mobile phones to remote work, to a…
Technology is a wave: either sail the boat or sink out. The enterprises focused on automating b…
The Internet of Things is another revolution in the technology world, leaving us wondering how …
With about 60% of the global population actively accessing the Internet, people need modern way…
Determining the successful user data interactions and conversations is significant in revamping…
Professor Rana Nayar, a Ph.D. in English, a translator of poetry and short fiction from Punjabi…
Enterprise Resource Planning (ERP) solutions are the lifeblood of a business organization. Nets…
Financial technologies are taking the business world by storm. The changing perception regardin…
In the healthcare sector, a cyclone of technology is impacting thousands of lives today…
In the dynamic world of business applications, one fixed solution for the constantly changing e…
While mobile devices were increasing significantly, the demand for mobile app development servi…
Whether big or small, businesses from different industries and start-up founders are taking cha…
Cloud computing is one of the hottest technologies in this era of digital transformation that i…
We are living in a technology-driven world where almost everything is available at our fingerti…
Customers are the most important part or lifeblood of a business. The way you onboard customers…
To start an eCommerce business that becomes successful, the first step is to develop an enticin…
Fintech or financial technology has become one of the most popular ideas for startups today. In…
Recruiting software is a critical part of Human Resources Management (HRM). Basic functionality…
It can be very challenging and overwhelming to develop technology and software for a non-tech o…
As someone who attends dozens of startup pitches a month, “our product is cheaper” is a phrase …
PACEfunding’s Business Executive Is Shocked When The Vendor He Hired Fails To Deliver The Softw…
The Invisible Crushing Power of Software Why are companies afraid to partner with the vendors …
Painful Lawsuits: Huge Toll Taken on Executives at Uber, Equifax, St.Jude, and Provident Financ…
As my regular readers know, I frequently serve as a panelist in pitch events. Recently, I decid…
As my regular readers know, I frequently serve as a panelist in pitch events. Recently, I decid…
As my regular readers know, I frequently serve as a panelist in pitch events. Recently, I decid…
As my regular readers know, I frequently serve as a panelist in pitch events. Recently, I decid…
MoviePass caused major shifts in the movie industry when they lowered their monthly unlimited m…
There is nothing more tragic than a company with a great product that is hampered by poor user …
One of the most misunderstood fears entrepreneurs and startups have is that investors won’t inv…
I love meeting people who launch startups. Their energy and ambition inspire me. One of my life…
We use cookies to enhance our website, analyze website usage, and capitalize on our marketing efforts. Also, cookies help us to offer you a personalized experience.“Read Privacy and Cookie Policies”
Please enter your email to receive our latest blog in your mailbox.