Direct Time and Cost to Develop In-House
To just research and develop one numerical analysis algorithm, it could take an effort of about 8 weeks.
Indirect Time and Cost to Develop In-House
In addition to direct costs for development, there are additional hidden costs associated with building your own routines, including:
- Testing and Quality Assurance
Indirect development efforts could require approximately 16 weeks of work.
This represents a total of 24 weeks to develop, test, port, and document one numerical analysis algorithm. Compare this to no more than five days to call, embed, and test an IMSL algorithm.
This comparison represents over 95% savings in time and cost!
Consider the opportunity costs as your top developers spend their time reinventing the wheel instead of using their domain knowledge to further develop your core application.
Finally, who will provide support as developers move on?