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This article summarizes major achievements and challenges of software resource estimation over the last 40 years, emphasizing the Cocomo suite of models. Critical issues that have enabled major achievements include the development of good model forms, criteria for evaluating models, methods for integrating expert judgment and statistical data analysis, and processes for developing new models that cover new software development approaches. The article also projects future trends in software development and evolution processes, along with their implications and challenges for future software resource estimation capabilities.