One of the most challenging things to do in custom software development is determining how long and how much amount it will take to deliver a new software product. But the question is, should it be so hard?
Software development services cost estimation is inherently tricky, keeping the fact that “no projects are the same” in mind. Every product development is unique in what it sets out to achieve; it’s unique in the myriad of parameters that form its existence.
Another substantial factor in custom software development is understanding cost and duration in making strategic business decisions. Whether you are a startup or an established enterprise, know that the timing, return on investment, and benefits you make can either make or break your software development.
Your software development project cost may vary from $10,000 – $200,000 depending on the certain other factors that we are going to talk about.
Not just the cost range, there are certainly hundred more questions to answer when talking about custom software development cost estimation.
Before this, you might want to look at the ultimate guide to software development for a thorough perspective.
How to estimate software development cost?
The most straightforward approach to estimating software project cost is
Project resource cost * Project time = Total project cost
However, at Appinventiv, our software development experts come up with a two-step framework that is simple and reliable.
Rough estimation
The rough estimate is very near to the accurate software development cost estimate that is given to our clients for informative purposes. The objective of rough estimation is to inform the client about the general phases in the project, tasks in software development, and the expected result. The precision of this estimate ranges from 25–75%; however, it is just an average cost of software development and not considered as the final cost bound by the terms and conditions.
If the client is unsure, our team works on the given estimate and tries to make it as convenient for the client as possible.
Detailed estimation
A detailed cost estimate is a more precise and accurate software development cost estimation given to the client, carried out by all the actively engaged development team members. This estimate is based on the software platform, used technology, and tools, including wireframes and other specifications.
