Method and Application for Creating Rough Order of Magnitude (ROM) Cost Estimates and Summarizing the Results by Application, Lifecycle Phase, and Project Months
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Del.icio.us| IP.com Number | IPCOM000138907D |
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| Dated | Aug 9, 2006 UTC | ||
| Size | 2 page(s) (88.5 KB) | ||
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Publication Summary
The ROM-Sizing Estimation tool allows users to create accurate, detailed and easy-to-understand estimations of total costs associated with code fixes and/or new enhancements for one or more interdependent applications. During the pre-concept/concept phases of a release lifecycle, these cost estimates (ROM-sizings) are consolidated and summarized by application using the ROM-Summary Tool. Together, these tools help to: - maximize budget efficiency - save time on content prioritization - reduce project risk - take advantage of economies of scale - standardize cost estimation methodologies used across an entire suite of applications| Country | |
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| Language | English (United States) |
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Method and Application for Creating Rough Order of Magnitude (ROM) Cost Estimates and Summarizing the Results by Application , Lifecycle Phase, and Project Months
What is a Rough Order of Magnitude (ROM)?
As part of the application development lifecycle process, application fixes and new enhancements must be evaluated to identify the size and complexity of the change. The initial review is often conducted with very limited data and requirement definition, however analysis is required to determine if further investigation is necessary. The initial review and cost estimate is called a Rough Order of Magnitude (ROM). ROMs, along with release budget, are consolidated to determine which fixes and enhancements should be included in each application release.
Many early lifecycle cost estimates are created with one or more of the following problems: 1) Not easily read or understood by customers and other stakeholders. 2) Not based on substantiated, historical data. 3) Not broken down by application to take advantage of economies of scale. 4) Limited to one application per estimate. When more than one applications are impacted, economies of scale are not considered. 5) Lack of standard estimate methodology across an application tool suite. 6) No way to accurately break down and sum estimated costs by application for multiple projects. 7) Very vague - where did this total cost come from? How is it broken down? 8) Relies on input from a development team (this incurs additional cost prior to the Plan-Design phase of the project)
The results tend to include: 1) grossly inaccurate project price quotes, 2) confused and upset stakeholders, 3) added expense for development team analysis, 4) inefficient budget practices.
The ROM-Sizing Estimation Tool along with the ROM-Summary Tool addresses each of the above problems and allows subject matter experts (SME) to create an accurate, detailed and easy-to-understand estimation of total costs associated with repairing bugs and/or initiating new enhancements for one or more interdependent applications. The tools use past projects as a model to predict future application development lifecycle costs including, but not limited to design, development, unit, function & performance testing, as well as project management, business controls, and on-going support activities.
How does the ROM-Sizing Estimation Tool Work?
Following identification of high level requirements, the SMEs are responsible for identifying a solution, analyzing projected costs and determining the necessary steps for implementation. The ROM-Sizing Estimation Tool is fundamentally based on the number of hours i...