Difficulties in Cost Estimation.

Estimating is difficult because the future is unknown. With few exceptions (such as with legal contracts) it is difficult to anticipate future economic consequences exactly. In this section we discuss several aspects of estimating that make it a difficult task.

FIGURE 2-6 Accuracy versus cost trade-off in estimating.

⇒ Estimator Expertise.

⇒ Time and Effort Available.

⇒ One-of-a-Kind Estimates.