With measurement errors taken into account in the simultaneous fitting of the measurement and the new regression equations, estimation of is unbiased; hence it reflects the true relationship much better. Certainly, introducing latent factors in models is not a free lunch..
A function point is a unit of measurement to express the amount of business functionality an information system (as a product) provides to a user. Function points measure software size. The cost (in dollars or hours) of a single unit is calculated from past projects. As of 2013, there are several recognized standards and/or public specifications for sizing software based on Function Point. 1. ISO Standards. 1  COSMIC: ISO/IEC 19761:2011 Software engineering.
Hence the purpose of this paper is to inform the reader on how function point analysis enables developers to estimate cost and schedules based on user requirements for software development projects. From the estimates, customers can evaluate what functionality they need at what cost they are willing to pay.