Software project management is an interpolation of project planning, project monitoring and project termination. The substratal goals of planning are to scout for the future, to diagnose the attributes that are essentially done for the consummation of the project successfully, animate the scheduling and allocate resources for the attributes. Software cost estimation is a vital role in preeminent software project decisions such as resource allocation and bidding. This paper articulates the conventional overview of software cost estimation modus operandi available. The cost, effort estimates of software projects done by the various companies are congregated, the results are segregated with the present cost models and the MRE (Mean Relative Error) is enumerated. We have administered the historical data to COCOMO 81, COCOMOII model and identified that the stellar predicament is that no cost model gives the exact estimate of a software project.