Economics of Software Engineering

Economics is one of the key values in order to generate a truly successful project.

The Software Engineering Economics is a complex subject, but it can be reduced up to five major areas: The Fundamentals, The Life Cycle Economics, The Risk and Uncertainty, The Economic Analysis Methods, and the Practical Considerations.

The Fundamentals refers to the principles of Economics, such as Finances, Inflation, Cash Flow, Taxes, etc.

The Life Cycle Economics refers to Economics related to the product itself, such as the Product Life Cycle, the Project Life Cycle, Prices, Costs, And some Investment Decisions.

Risk and Uncertainty refers to Goals, Estimates, Plans, Making Decisions taking risks and uncertainty under consideration.

The Economic Analysis Methods refers to what are you going to get in return for the project, things like Cost-Benefit analysis enters into consideration here.

And finally, the Practical Considerations refers to things you can do to make your life easier, such as Outsourcing, or taking the Good Enough principle into consideration.

These areas require further study, but in general, this is what they are.

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