Fixed Price Model
Fixed Price Model, also known as a project-based model is most suitable for small and medium scale projects where every single detail is ascertained well in advanced. Details like the necessary fundamentals of the project, the schedules, the scope of the project, and other metrics that will determine the final result in total!
The fixed price model is suitable for small and medium scale projects because the option has low risks for the organization. There is a predetermined timeline and other specifications laid out clearly before the augmentation of something major.
When should you choose the Fixed Price Model?
- When you are developing a project for your small or medium scale business
- The life of the project is not more than a few months
- The requirements of the project are pre-determined and clear in advance, with almost minimal chances of being changed in the future
Time and Material (T&M) Engagement Model
The Time and Material (T&M) Engagement Model is among the best options for organizations who are in search of agile and adaptable projects. The option is feasible for people who are relying on the development and build of top-notch apps that can be perfected repeatedly for eventual use.
When should you choose the T&M engagement model?
- The Time and Material Engagement Model can be chosen by people who are constantly in need of superseding developments to the foundation of the basic app or website.
- The project requirements are complex and prodigious, that will need repeated iterations to the same
- In fact, the model suits organizations whose requirements change with changing times
- There is enough transparency between the customers and the vendor.
Dedicated Resource Model
Hire Dedicated Resource Model for your organization if you are looking to hire developers that are specifically dedicated to your organization’s development project. These dedicated developers will focus on keeping your task a priority by keeping the fundamental management in-house, responsive and fairly quick! Here, the organization is only required to pay a fixed fee on a monthly basis for every single resource used. There is immense flexibility to this particular business model for website development and app development.
When should you choose dedicated resource model?
- The model is feasible for organizations that rely on their in-house teams for project management and execution on a long-term and continuous basis.
- This is a fairly great prospect for people who look forward to managing their projects directly, with a fairly clear vision of every single aspect of the project.
- The project requires more human intervention apart from the in-house team for the augmentation and development part of the project.
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