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Software cost estimation is the process of predicting the effort required to develop a software system. Accurate cost estimation helps one complete the project within time and budget. There are lots of methods are there for efforts and cost estimation, but people do not know how to use these methods. This paper provides a general overview of software cost estimation methods including the recent advances in the respective field. Machine learning techniques such as neural networks, rule induction, genetic algorithm and case-based reasoning are finding application in a wide variety of fields such as computer vision; cloud computing, econometrics and medicine. This paper highlights the cost estimation models that have been proposed and used successfully.
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