Abstract: Majority of Business Software Systems (BSS)
Development and Enhancement Projects (D&EP) fail to meet criteria
of their effectiveness, what leads to the considerable financial losses.
One of the fundamental reasons for such projects- exceptionally low
success rate are improperly derived estimates for their costs and time.
In the case of BSS D&EP these attributes are determined by the work
effort, meanwhile reliable and objective effort estimation still appears
to be a great challenge to the software engineering. Thus this paper is
aimed at presenting the most important synthetic conclusions coming
from the author-s own studies concerning the main factors of
effective BSS D&EP work effort estimation. Thanks to the rational
investment decisions made on the basis of reliable and objective
criteria it is possible to reduce losses caused not only by abandoned
projects but also by large scale of overrunning the time and costs of
BSS D&EP execution.