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Cost Estimation Without Requirement Collection: Here’s Why You Shouldn’t Do It

Cost Estimation Without Requirement Collection: Here’s Why You Shouldn’t Do It


Congratulations! You came up with a terrific software idea and can’t wait to bring it to life. So, you make a list of apps that look similar to yours, roughly sketch your business model, and head off to software development companies to find out the cost of your future project.

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But here’s the catch. Anyone who will give you a cost estimate before collecting requirements increases your chances of failing. Indeed, according to the PWC Annual Global CEO Survey, poor estimation during the planning phase is one of the most common (32%) reasons for IT project failures.

What do you do now? First, shortlist your search to the vendors that ask for your requirements before estimating the project cost. Second, keep reading this blog post to see how proper requirements collection can make or break your solution.

Benefits of requirements collection

Requirements analysis is the initial phase in the software development process. Basically, it allows transforming vague customer needs and desires into specific, measurable, and achievable specifications. This stage is an important pillar of your future project, so take it seriously and don’t skip it. Otherwise, you risk turning a hasteless software development process into chaos.

Start your every project with requirements collection. This will help you:

Stay on the same page with the development team

Often a part of the discovery phase, requirement analysis helps avoid miscommunication between the stakeholders and developers and make sure everyone understands the project’s goals and features.

During this stage, the Software Requirements Specification (SRS) document is created. It describes the functional and business requirements of the project, as well as the product goals and the desired outcome. Simply put, it’s a roadmap of your project and a single source of information for developers, designers, QA engineers, and managers.

Identify risks at the very beginning

No one likes unpleasant surprises. But a thorough requirements analysis will help you avoid them. Together with the development team, you will discuss and resolve any ambiguities and unrealistic expectations before the development kicks off. This will save you time, money, and a whole lot of grey hair.

Achieve a desirable result

It’s no surprise that cooperation is more fruitful when the stakeholders and the development team are on the same page. The development team understands the scope of the project and its goals, while the client is aware of the development stages and timeline. This makes the favorable outcome far more predictable and realistic.

Get accurate software cost estimation

Finally, the more requirements you provide, the better the development team will estimate your project. Knowing your goals and needs will allow them to map out the exact timeline and budget. It’s also helpful for prioritizing features, allocating your resources, and planning your spendings in advance.

The bottom line

Even if you were skeptical at first, we hope you’re convinced of the importance of requirements collection now. So if you’re looking for a vendor to implement your software idea, make sure it’s someone who takes estimation seriously. Someone like Perfsol.

The Perfsol team will help you identify the requirements of your product, analyze the technical aspects and the business processes, and create a go-to-market roadmap for your future project. We put every effort into understanding the requirements of our clients and delivering exactly what is expected. So don’t hesitate to contact us and discuss your ideas. We will be happy to help you build a stunning product.