How can I estimate costs in Agile projects?
An example of an AI chatbot conversation about estimating costs in Agile projects.
How can I estimate costs in Agile projects?
In Agile, cost estimation can be done using techniques like story points, T-shirt sizing, or planning poker. Which method are you interested in?
Can you explain story points and how they relate to cost?
Story points are a unit of measure for expressing the overall effort required to fully implement a piece of work. They help in estimating the cost by correlating the points to team velocity and historical data.
What is team velocity?
Team velocity is the amount of work a team can complete in a given iteration, usually measured in story points. It helps in predicting future performance and costs.
How do I calculate the cost based on velocity?
To calculate cost, multiply the team's velocity by the average cost per story point. This gives you an estimate of the total cost for the project.
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