1. Fixed Price Model
The fixed price model refers to a model where you will have to pay a lump sum amount for your project. The name suggests that you pay a fixed amount to get the job done, even before working on it. We will together define your requirements, the project scope, and your ultimate goal for the fixed price model. The benefits offered by this engagement model are transparency, predictability, less involvement and supervision from your end, and a clear objective. This engagement model is the best for you if you have well-defined requirements and are sure that they will not change during the development phase.
2. Time & Material Model
The time and material model offers increased flexibility as compared to the fixed price model. Predicting the final scope of your project is difficult when you don’t have a clear vision of the product, when the market changes dynamically, and when there are rapid evolutions in technology. The time and material model allows you to get started with the development phase without providing precise requirements. The benefits of choosing this model include incredible flexibility, a greater degree of control on your project, low risks involved. The best part of this model is that it proves to be cheaper at times. If the probability of your requirements changing during the development phase is high and if the requirements are not precise, we recommend you to opt for this model.
3. Dedicated Team Model
Suppose you want to develop a web or mobile app or are looking to establish awareness for your brand on the internet but don’t have enough time to communicate with your team. In that case, the dedicated team model is for you. Under this model, you can hire an entire team with different roles, right from a manager to a developer, and they will work dedicatedly on your project. You will get a project manager tagged to your project, who will be your only point of contact. In dedicated team model, you’d communicate all your needs to the manager who’d then communicate to the developers. This way, you can stay rest assured that your requirements are well taken care of and you’d get the desired solution built according to your requirements.
I'm grateful to Theoddcoders Technologies for developing an outstanding website for Ruchi Biochemicals. Their expertise and dedication have effectively showcased our products and services. I highly recommend them for any web development needs.
Mahendra Thakur Proprietor, Ruchi Biochemicals