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I disagree 100% with the claim that "On time it will surely make customer happy." The customer will definitely not be happy unless you deliver on time, complete, and bug-free (and maybe not even then, but that's a different discussion). The problem is that software engineering, by definition, is something whose duration cannot be accurately predicted. It takes what it takes. So if you promise to deliver on a particular date, you MUST be prepared to accept bugs and/or missing features if necessary (and it almost always is), and have a plan for dealing with those after delivery.
As an engineer, I would always prefer to do the job right the first time and release nothing until I'm satisfied it's done. In the real world, of course, that's not always possible because those who control the purse strings have a limit to how much they're willing to spend to get the job done. But any manager, sales droid, or customer who expects to be able to specify a hard date for completion of a software project is, IMHBAO, an idiot.
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