The ability to choose a suitable business engagement model brings flexibility in project delivery. We work with three different business engagement models which are Fixed Price, Dedicated resources, Time and Material (T&M).
1) Fixed Price Projects:
This model is the best fit when you have well-defined goals, limited project scope, the project that will run for a short duration, and when you want to launch the MVP of the project.
We recommend going for this type of an engagement when the below conditions are met
- Simple workflow
- Well defined specifications
- Clear Deadlines
In this model, any type of additional work is charged extra. We of course do not charge extra for every minor change, but only for major requirements added or changes to existing scope.
2) Dedicated Resource:
This model is recommended when the project duration is long, requirements are ever changing and when a project needs several iterations to take shape..
This model gives the flexibility to modify requirements on the fly without worrying of estimating every time for costs as the engagement is based on time, instead of effort. Most large scale projects where requirements are not always clear and evolve or projects with large teams needing additional team members quickly, prefer this model.
With this model, you also have the flexibility to assign tasks to your team member, depending on what is the requirement of the business. Think of a dedicated resource as an extension of your in-house team.
Typically this is a long term contract with a lock-in period.
3) Time and Material:
In this model, you pay for the efforts taken to complete a task and nothing else. This model is recommended for quickly starting work and seeing the efficiency of a resource before moving into a long term contract or if the requirements are very less and one-off.
Typically the price for this model is slightly higher as we don’t have a long term visibility of work. With this model, you do not have a commitment to give on the minimum number of hours to be billed.
We recommend this model for anyone who is looking to do a test project with us or for existing accounts having miscellaneous maintenance work that may come once in a while.