The IT department I work in as a programmer revolves around a 30+ year old code base (Fortran and C). The code is in a poor condition partially as a result of 30+ years of ad-hoc poorly thought out changes but I also suspect a lot of it has to do with the capabilities of the programmers who made the changes (and who incidentally are still around).
The business that depends on the software operates 363 days a year and 20 hours a day. Unfortunately there are numerous outages. This is the first place I have worked where there are developers on call to apply operational code fixes to production systems. When I was first, there was actually a copy of the source code and development tools on the production servers so that on the fly changes could be applied; thankfully that practice has now been stopped.
I have hinted a couple of times to management that the costs of the downtime, having developers on call, extra operational staff, unsatisifed customers etc. are costing the business a lot more in the medium, and possibly even short term, than it would to launch a whole hearted effort to re-write/refactor/replace the whole thing (the code base is about 300k lines).
Ideally they'd be some external consultancy that could come in and run the rule over the quality of the code and the costs involved to keep it running vs rewrite/refactor/replace it. The question I have is how should a business go about doing that kind of cost analysis on software AND be able to have confidence in that analysis? The first IT consultants down the street may claim to be able to do the analysis but how could management be made to feel comfortable with it over what they are being told by internal staff?