1. A method for electronically managing application development, comprising: providing an interface control document containing a first set of one or more sequence diagrams that model interactions between a plurality of applications, each of the plurality of applications including a plurality of software components, classes, or objects; providing an application model document containing a second set of one or more sequence diagrams that model interactions within one or more of the plurality of applications, wherein interactions modeled in the first set of sequence diagrams and the second set of sequence diagrams include a plurality of types of modeled interactions, the plurality of types of modeled interactions includes two or more of group consisting of internal logical files types of interactions, external interfaces files types of interactions, external inputs types of interactions, external outputs types of interactions, and external queries types of interactions; defining a project for development, at least some of a plurality of functionalities of the project defined based on the modeled interactions provided in the interface control document and the application model document; providing a baseline document containing a third list of existing interactions related to one or more of the plurality of applications; generating a count reflecting a total number of business operation points based on each of the plurality of types of interactions in the interface control document and the application model document which are not associated with existing interactions in the third list contained in the baseline document, wherein the business operation points include interactions between applications and interactions within an application between components of the application, but do not include data functions of the applications or interactions with external non-application actors; and estimating a level of effort to complete the project based on multiplying the total number of business operation points based on each of the plurality of types of interactions by a corresponding proportionality constant and summing a result of the multiplying for all of the plurality of types of interactions.