Getting Realistic Software Project Estimates - Velvetech

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When starting a new project, timeline and budget are the key priorities. Thus, the success of most software projects relies not only on the implementation phase itself but also on how realistic project estimates are. With years of hands-on experience in the delivery of custom software solutions, Velvetech is sharing insights on the techniques and practices that help accurately evaluate the project. Differences between accurate and realistic software project estimates, possible risks to consider while evaluating the project, top estimating techniques, and how to know if the provided estimate is valid. All these topics and more are in our on-demand webinar: https://www.velvetech.com/events/getting-realistic-software-project-estimates/

Getting Realistic Estimates:
How to Evaluate Software
Project Budget
Prepared by Gregory Entin

“On average, large IT projects run 45% over
budget and 7 percent over time, while delivering
56 percent less value than predicted”
McKinsey report, 2012
Why Realistic Estimates Matter

KNOW YOUR REQUIREMENTS
 Functional
 Non-functional
 Adherence to standards/compliance
Pre-Requisites for Realistic Estimates

Pre-Requisites for Realistic Estimates
• BUDGET
• SCOPE
• TIMELINE
KNOW YOUR CONSTRAINTS

Image source: https://theconstructor.org/construction/methods-cost-estimation/36532/
• Top-Down / Bottom-Up
• Analogous and Expert Judgment
• Metrics-based / Parametric
• Three-point Estimating
• Use Case Points
How Estimates Are Done
ESTIMATING TECHNIQUES

METRICS-BASED / PARAMETRIC
Estimating Techniques

THREE-POINT ESTIMATES
Estimating Techniques

ANALOGOUS AND EXPERT JUDGMENT
Estimating Techniques

OPTIMIZATION TECHNIQUES
 Reducing the scope / phased approach
 Considering technology alternatives
 3-rd party solutions
 Low-code platforms
 Open source
How Estimates Are Done

Rough estimates  Detailed estimates 2-3 sprint backlog  Backlog review and refinement  Roadmap planning
Estimates vs Budgets: Agile Approach

QUALITY MANAGEMENT
 Requirement analysis
 Unit testing
 Systematic manual testing
 Automated end-to-end tests
 Security audit and penetration testing
 etc.
How Estimates Are Done
Source: Apexon

TECH DEBT MANAGEMENT
Ongoing effort that starts from the estimating and
budgeting
 Hard-to-find issues
 Hard-to-fix issues
 Instabilities
 Security issues
 Performance issues
How Estimates Are Done

INDUSTRY EXPERIENCE STANDARDS, GUIDELINES,
CERTIFICATIONS AWARENESS
Evaluate the Estimator
TECHNOLOGY EXPERTISE QUESTIONS ASKED

CUSTOMER ENGAGEMENT
IS ESSENTIAL
BE OPTIMISTIC BUT
STILL REALISTIC
FOLLOW THE AGILE
PROCESS
PICK THE RIGHT
DEVELOPMENT PARTNER
Lessons Learned

Thank You!
+1 (847) 559-0864
sales@velvetech.com
www.velvetech.com
601 Skokie Blvd.,
Suite105,
Northbrook, IL 60062

Many large software projects turn into software horror stories, resulting in newspaper headlines and even political issues. Often, the project costs and schedule were estimated unrealistically optimistic, using immature estimation techniques. A relatively simple way to avoid many problems is to perform a reality check on the estimate. This presentation was given on the conference of the International Cost Estimating and Analysis Association (ICEAA2014), June 2014 (Denver, USA)

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Everyone has been given a 2 paragraph document listing the "scope of services" for a potential project. The client would like an estimate in 48 hours and there are no more details to help you deliver that required fixed bid contract. At the same time, many teams have also been given (or created) a detailed PRD or backlog document and still had a project budget balloon out of control. In this session I would like to discuss the not only the problems associated with estimation and how to avoid them, but more importantly how we can plan for them, turning our estimation process into not only an art, but a science. Well cover how to sell your estimate internally, and arm you with the methodologies to support your numbers. The problem with software estimation The morale The metrics The reality - an estimation metaphor Avoiding Risk Project entry point of sale At what point of the project lifecycle is your first sale? Risk association with point of sale Products in the front, estimations in the back The Elusive Discovery phase How to estimate a discovery How to sell a discovery How to include discovery in a full fixed bid RFP Planning for Risk Estimation types Gut - An art form Comparables - An art/science Factors/formula - A science Contingency Rating systems Formulas Granularity

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