This model best suits to small and non -complex project where all requirements are fixed and clear. You can choose this model when your project has all the requirements laid out clearly from the initial stage to the delivery time. The client needs to provide all the detailed information related to the project, the specifications, and then pays for the project in a predefined fixed amount based on the milestones defined.
Advantages you will be having with Fixed Price Model:
This model is a popular pricing model which many clients feel comfortable to dealing with. The client spends only for what he has consumed. This pricing model is particularly suitable when your projects are complex, lengthy in duration and embodied by unclear specifications, or requires freedom of design and specification changes at mid project stages. This model also works well in maintenance and support projects, when the project requires R&D, Business processes or workflow not clearly designed or projects have other dependencies. This model gives a lot of flexibility to the clients in terms changing the specification of the project requirements according to the change in market demand and other related factors.
Advantages you will be having with Time & Material
The Dedicated Team Model is the optimal choice when you wish to hire a development team without the need to worry about salaries, hardware, software licenses and other aspects of IT infrastructure management. The team with whom you’ve held the interview works exclusively on your projects. This model is designed to create a framework that ensures successful long-term relationships. This mode of service is getting more and more attention in the past years.
Advantages you will be having when you hire Dedicated Team: