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HOWEVER, it must be kept in mind that the book itself is somewhat outdated - COCOMO 81, as defined by Barry Boehm, has been overtaken by new technologies and in particular by the surge in PCs & the Internet. The basic model is still valid - I still use it myself - provided you are aware what the background in computing was when it was written, and you carefully assign the adjustment factors.
Barry Boehm himself recognizes that COCOMO 81 is no longer valid - hence his collaboration with COCOMO II, which has addressed many of the problems that affected the old COCOMO 81 (e.g., it was mainly thought for development of software on expensive mainframes, and development tools have greatly evolved since that time). Still, I insist, if you are careful when making your estimations, the model and the techniques presented in this book are very useful and could be applied even on more modern projects.
My second HOWEVER is related to use the model presented in this book for Software Maintenance purposes. Though the book has a chapter on this issue, by opinion is a radical NO-No on this particular issue. COCOMO 81 (as presented in this book) and COCOMO II are adequate for software development purposes. I totally disagree that they are adequate for software Maintenance purposes (though COCOMO II is at least not so very bad). Apart from the fact that it ignores things such as regression testing, or the number of releases to be made during such maintenance, it also ignores the fact that software "degrades" during such maintenance - subsequent modifications introduce more and more stress on the original design, until at a certain moment the software requires a great "overhaul" in order to solve a lot of patchwork that has accumulated over the years. Hence the typical case of having to redesign a complete new software system because maintenance of the old system becomes too expensive.
In any case, if aware of such limitations, I can highly recommend it.
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