Time & Material
Time & Material is a traditional work-for-hire engagement model that is used when the requirements are not clear at once, and modifications are likely
to be required with each new deliverable/phase of the project.
The Time & Material model provides greater flexibility throughout the implementation process. The client pays an hourly rate, agreed upon at the time of the contract’s signature. They can adjust the size of the project team to optimize the project’s cost and duration.
The advantages of the Time & Material model are the following:
- The ability to flexibly add enhancements.
- Customizable processes.
- The client pays per hour.
- Improved control over the project’s implementation.
- Flexibly adjusted number of work hours and size of the project team.
- Direct, easy, and effective communication.
- The ability to control the budget by adjusting the project’s scope and resources involved.
Who and what is the Model suitable for?
This model is ideal for projects with continuously evolving requirements. It facilitates modifying of the project specification in accordance with the current market trends. Large-scale and complex projects are best implemented using this approach.