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In the area of software cost estimation, various methods have been proposed to predict the effort or the productivity of a software project. Although most of the proposed methods produce point estimates, in practice it is more realistic and useful for a method to provide interval predictions. In this paper, we explore the possibility of using such a method, known as ordinal regression to model the probability of correctly classifying a new project to a cost category. The proposed method is applied to three data sets and is validated with respect to its fitting and predictive accuracy.