The generational cohort is a classification of individuals based on their habits related to the years when they were born in the last century. There are five (5) generations according to this model: <em>Silent (1928-1945), Baby Boomer (1946-1964), Generation X (1965-1980), Generation Y (1981-1997), </em>and <em>Generation Z (1998-present).
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Generation Y also called millennials are characterized by massive digital media consumption shaped by the explosion of the internet. They are emotionally charged individuals who are likely to make decisions on the spot. Millennials are too optimistic about their financial future which makes them fall into large debts. As they have technology and knowledge handy, they are hard to sell since they tend to be constantly looking for better product features at the lowest price available.
Required time, budget and resources are the factors to be calculated before development of that project. First phase of a project is requirement, after requirement these factors should be estimated. Once a project is developed then there is no use of these estimates.
