Are you planning to initiate work on your PHP development project ? If something like that is running through your mind, then definitely you will have to look for PHP developers who can churn out the solution you have been looking for. Proper estimation is essentially required before you hire a PHP developer for your project as both underestimation & overestimation can hurt your project. Over-estimation may cause fewer problems compared to under-estimation. However, the penalty for overestimation rises linearly, while that for underestimation increases exponentially as shown in figure below.
As for estimating the budget, there may be few other important decisions to make before you actually put hands into PHP development. For example, you will have to decide whether to hire dedicated PHP developers or one on a hourly basis. It will moreover depend on the type & complexity of your project; that will decide which would be the better option for you.
Budget estimation also calls for deciding the comprehensive software engineering cost besides scheduling models with help of industry-standard estimation techniques. Unless you decide the type & scope of your PHP development project, it won’t be feasible to have the correct estimation in place. Developing a PHP solution with complex features & specifications will definitely require more time besides costing more than the normal one. A better approach is to list all your requirements and follow the steps as given below
Rough Estimation – Initially, prepare a rough estimate for the costing & scheduling that can be based on model, expertise, dynamics, or learning techniques. Critical factors for model-based technique include following
- Development hours
- Hardware requirements
- Portfolio impact
Model-based technique output can be used for estimating different aspects related to your project. Expertise-based technique is based on seeking expert advice when quantified data is missing. Learning-based techniques rely on fixing problems by using previous experiences.
Risk Analysis – Perform adequate risk analysis by considering factors like system size, reporting structure and technology as it would help you determine the costs associated with hardware allocations in a better way. In this manner, you can also eliminate the problems later when you are aware of the events that may cause them.
Investment Analysis – SmartSheet, CoMindWork or DevPlanner are some of the prominent project management tools you can use to establish more informative breakdowns describing the cost & scheduling related to your PHP development effort. Finally, also, perform a solid investment analysis considering your project’s budget over next 5 years for purposes like software modification or other additional customization.