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Submission + - Estimating custom software development cost

GL82 writes: As a student studying CS right now, we came across the subject of estimating software development cost. Out of curiosity, what kind of methods (eg. function points, use case points, COCOMO, and others) do you or your company used to estimate the cost required to develop the software for your clients (after you have complete a fairly comphrensive specification)? My question is directed toward custom software development, but methods for development of software product is also welcome. Also, how well does your method works? If you found out later that your number are way far, then what techniques do you use when re-negotiating with your clients about the pricing or scope of the projects?

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