What are the key differences between fixed-price and time & material models?
The key differences between fixed-price and time & material models lie in the approach to project pricing and management. In a fixed-price model, the project cost and scope are predetermined, providing predictability and certainty for the client. On the other hand, a time & material model offers flexibility to accommodate changes and evolves as the project progresses. This model bases pricing on the actual time and effort expended, allowing for more adaptability but may be less predictable in terms of cost. Both models have their advantages and considerations, and the choice depends on the project requirements, risks, and client preferences.
September 13, 2023