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Does the effort calculated in person months using COCOMO model include the effort for requirements analysis also? Or is it just calculating the effort required for the design, code and testing only?

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COCOMO focuses on what is required to actually build it, not the up-front requirements work. Now, you'll notice that there are varying levels of requirements and constraints and it produces a smaller and smaller estimate as the requirements get more specific, so there may be something to infer there, but the model doesn't attempt to provide that answer.

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