Cocomo-II is a software cost estimation model developed to provide accurate estimates of cost, effort, and schedule for new software projects, based on their size and various influencing factors. It includes several sub-models tailored for different project types, takes into account source lines of code and function points, and utilizes cost drivers and scale drivers to adjust estimates. The model also incorporates a breakage factor to account for requirements volatility and emphasizes adaptability to specific project conditions.