In this research we present one of the first actual applications of Multi Agent-Based Simulation (MABS) to the field of software process simulation modelling (SPSM). Although a few previous applications were attempted, we explain in our literature review how these failed to take full advantage of the agency paradigm. Our research resulted in a model of the software development process that integrates performance, cognition and artefact quality, for which we built a common simulation framework to implement and run MABS and System Dynamics (SD) simulators upon the same integrated models. Although it is not possible to fully verify and validate implementations and models like ours, we used a number of verification and validation techniques to increase our confidence in these. Our work is also quite unique in that it compares MABS to SD in the context of SPSM. Here, we uncovered quite interesting properties of each simulation approach and how MABS, for example, is "risk averse" when compared to SD. In our discussion section we also present a number of lessons learned regarding the two simulation paradigms as well as various shortcomings in the models we adopted and our own.