ONTOCOM: A reliable cost estimation method for ontology development projects

We present ONTOCOM, a method to estimate the costs of ontology engineering, as well as project management tools that support the application of the method. ONTOCOM is part of a broader framework we have developed over the five years, whose aim is to assess the business value of semantic technologies through a suite of methods, estimation models and project management tools, by which the costs and benefits of the corresponding projects are defined, measured and analyzed. The framework supports the engineering of different types of knowledge structures, including ontologies, taxonomies and folksonomies, and of information management systems leveraging such knowledge structures. It also includes benefit analysis models whose results can be used in conjunction with cost-related information in order to identify potential cost savings and to assess the feasibility of specific engineering strategies, in particular ontology reuse. The application of the methods proposed in the framework is supported by project management tools which can be used to customize these methods to a given project environment, to evaluate and validate the underlying estimations using empirical data, and to take into account their results for planning and controlling purposes.