Effort based Pricing Model (Time & Material)
Effort Based Pricing Model, also known as Time and Material is one of those options where you spend only for what and how much you use. The total cost within in model is a function of the total time taken in the execution of the project and the resources deployed therein. This model gives the client total control over the money spent and is highly flexible according to the needs and individual requirements.
This model is especially suitable for projects that complex and wide in the kind of development requirements involved. For the kind of projects where there is a constant need of changing something or the other at various stages. Where project specifications are not clear or require freedom of system design changes at project mid way. This model thus 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 such factors.
This model is very useful in scenarios where there is a constant change or the outset of the project is not completely decided. Or if there is a new emerging technology, new idea without proper plan, undocumented business process or workflow applications, evolving requirements due to lack of experience/evolving market, integration of heterogeneous environments/third party dependence, parallel development of hardware and software for controlling the hardware, exploratory nature of some technology projects, for ongoing projects such as support/enhancements, protocol stacks/operating system kernel software/device drivers development etc.
So if you are working on a project with similar features then Contact Us for getting the best T&M model or Call Us for finding the one that will suit you the best.