Technical Definition – Software that enables the process of predicting the most realistic amount of effort, money, time, and/or materials needed to complete a project based on various known parameters or variables.
Estimating a project cost can be very challenging. Arriving at a perfect and accurate estimate may sound like predicting future as one cannot know all the issues, road blocks, risks, and challenges well in advance when the project is being estimated. But a near perfect, appropriate estimation can be done with help of right tools and techniques.
How we use it – We’ve helped our clients build design and implement custom estimation tool that fits well within their process and follows the technique that works best for them.