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In this study, a simulation model for the strategic management process of software development projects is presented. The proposed model simulates the implications of strategic decisions on factors such as cost, risk, budget and schedule of software projects. The main advantage of the proposed model is that it provides an integrated framework wherein risk management, cost estimation, and project management planning for the strategic management process of software development projects are linked. The results of the simulation of the project management planning determine the budget and schedule required for a project. Different strategic management decisions pose different sets of risks, each of which require different cost commitments. Hence, each strategic decision requires a project management plan with its own unique budget and schedule of software development. Thus, the simulation model estimates the risk and cost under different strategic decisions and maps them according to the project management plans. Therefore, the proposed integrated framework helps identify the best strategic option for the development and management of software projects. The proposed simulation model is nonspecific because it contains generic plug and play components that facilitate the use of any set of risk assessment, cost estimation models and project management tools. Therefore, it provides a flexible solution to software organisations and managers of software development projects. The simulation model is applied to a case study, which showed the effect of different strategic decisions on the risk and cost of the different phases of software development and ultimately on the budget and schedule required to complete the project. It therefore provides critical insights in identifying the best strategy for the development of software projects.