Each company and organization want to decrease the cost and time during the development of software with the most effective features. Mostly companies hire third-party resources for their project. Agile methodology is the modern concept for the development of software in case of time management. Agile gives set of features through sprints and milestones. The critical path of the features, their order and how these features should be developed in the lifecycle of project is defined in the agile method. The project team primarily defined the required time for software development with the specific feature estimation. This time can be less or more. By hiring the third party you can shift the complete project to that party who takes the full responsibility of delivering the project on the decided time and budget. By giving your project to other parties you can focus on other aspects of product management for developing the best features of the project.

Some other aspects are:

  • Minimum Viable Products:

Custom software development wants to fulfill every desire of the customer. It’s very important to look at the difference between wish-list and must-haves. Not every requirement that you want in your project is essentially compete with your competitors. Some features are better to leave and concentrate on others that are workable and best to use for the project.

  • Using Open Source Software

Although your project is always unique, some features will be matched with the projects which are already in use. Open-source software is available for reusing the code in your projects according to your features and requirements. You can copy that code and run in your project and check whether it works. If it is you can change the name and some functionality according to your requirements.

  • Required Specialists:

Specialists for the project developments will vary according to the type of development, the project goals, the project scale, the methodology used, budget and time. For the successful project, the following qualified professionals are required.

  • Software designer
  • Software developers
  • Software consultants
  • Data analysts
  • Testers
  • Database developers
  • Project manager
  • Technical writer

If the management of software development projects is going through the specific phases, then its cost will be reduced. These major phases are.

  • Planning the Project
  • Project implementation
  • Monitoring the Project
  • Controlling the Project
  • Management of time
  • Management of resources
  • Quality management
  • Cost management
  • Communication
  • Performance

For a successful and cost-effective project avoid the following major risks.

  • Ambiguity in the goals and objectives of the project

If goals and objectives will unclear to the developer, the project will not take the right direction and will go off track without producing meaning results.

  • Poor project planning

If project planning is bad, then the project will not get success and can’t achieve the requirements of the customers. Due to poor planning, you must make changes again and again to achieve the requirements. So, the time and cost will increase.

  • The communication gap in the project team

If the communication between the team members is not good, then there may be many difficulties during the development of the project. The communication between the team members should be clear and concise.

Other than the above there are some other drawbacks to failure.

  • Less client participation
  • Wrong arrangement of activities and tasks
  • Do work without breaking larger tasks into smaller tasks
  • Salary is not according to the position
  • Team members are not according to the work. (some remain free during the project)

By avoiding all the above the project gets success within the effective costs. Decreasing cost and time with effective features and customers’ requirements is the best way of developing the project.