Cost estimates are inherently risky, irrespective of theestimation technique used.
How would you reduce the risks inherent in a cost estimate?
Answer
Answer)
The risks of cost estimation process includes uncertainty in thesoftware specification that needs to be developed. It also involvesvarious processes and methods involved in the development of thesoftware and also in the cost estimation process.
To mitigate these risks,
i) multiple client meetings should be arranged and specificationshould be thoroughly discussed.
ii) analyze the system requirements and design in the clientmeetings
iii) developing system prototypes and achieving clientacceptance on the same, prior to development of the wholesystem.
iv) conduct various small and large scale
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