Software development cost risks and how to avoid them

Poor software project management means missed deadlines, cost overruns or even outright failure of the project. Budgets and resources in software development are rife with unrealistic low budgets or inadequate resources. Cost is the main driving factor for all the projects. when done correctly, it helps in the successful completion of the project. Software requirement gathering development, maintenance, quality assurance and cost of poor quality are the major groups responsible for the overall cost in the software production process.

The accuracy of cost estimation result is important in any software development project. It becomes the most popular and interacting issues to be discussed when people wanted to develop any project from time to time. The crucial question in software project development is how to complete a project in specific time, budget and resources.

In order to measure these three attributes are achieved, the people involved in the estimation process especially project manager need to measure all the requirements are considered and well defined. Added schedule overrun is one of the main contributors to the software development project failure. Proper and complete resource identification is needed in order to start process estimation process.

With consideration of all the software development requirements, the cost estimation process becomes easier and would produce accurate results. In common practices, the cost estimation process is crucial at the early phases of the software development. However, it can be done in other phases, for example in the development and deployment process because of the change of needs and requirements from time to time.

When it comes to technologies, the cost of a product hides lots of mysteries for a business owner and the development companies use this advantage to neglect possible risks and offer a low-cost software product. When the project scope is underestimated its dangerous thing when it comes to the project budget.

Planning is the most essential component of project management and the biggest weapon against cost overruns and delays. Think of all the major scenarios and flesh out the complete scope of the project before a single line is coded. Once the scope is defined, get a sign-off from all the stakeholders and stay within the scope that was originally planned to mitigate the cost risks in software product development. From

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