Effective management of any software process requires quantification measurement and modeling. Software metrics provide a quantitative basis for the development and validation of methods utilized in software cost estimation process and can also be used to improve the productivity and quality of the process. During initial stages of software cycle, it is imperative for the project managers to recognize the merits and de-merits of the metrics and use the appropriate metrics in the estimation process. Software size and effort performance metrics continues to be a controversial issue in the software engineering environment. The paper gives an overview of the metrics that are used for software size and effort performance by the software estimation community. The metrics that are in vogue are inadequate to achieve optimum results in estimation. The present analysis depicts that the prevailing metrics are not applicable for diverse techniques. The results are bound to improve by continual analysis with various metrics and techniques.