Effort Estimation: Meaning, Problems with Estimation, Basis, Estimation Techniques. Albrecht Function Point Analysis. Functions Mark II. COCOMO Model.

Effort estimation is a process in which project managers evaluate how much time and money they need for completing a project. This technique is common in software development, where technology professionals define the resources and schedule for developing a new application or releasing an update. These forecasts help create accurate estimates that often require approval before work on a project begins. Effort estimation is a common tool as part of the Agile methodology, which is a framework that divides a project into smaller phases. In this framework, you can estimate the effort for several components of development, including: Epics: Epics are large projects that several teams manage throughout development. These usually contain several smaller releases and tasks. Features: A feature is a piece of functionality or design that addresses a user's need. A feature often includes specific acceptance criteria that detail how that part of the product works. Sprints: A sprint is a short period containing a fraction of work. Often, a few team members complete development tasks in sprints that build toward epics and releases. Releases: Releases are software packages development teams can deploy. These often contain several epics and features that teams deploy in iterations. Development teams might estimate the effort for each of these components of the Agile framework or select components depending on the needs of the project.