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The time and material model is perfect for the projects that do not have a well-defined scope, requirements and implementation plans or which are assumed to undergo amendments during any phase of the project development process. It is a hourly based model where the cost of the project depends on the time spent and resources utilized.
This type of model offers enhanced flexibility to the customers as they can amend the project specifications in the ongoing project, as per the latest market trends.
The hourly price model is a perfect fit for the complicated and big projects that have the possibility of frequent changes ongoing. Here are the main advantage of this project model:
Billing is done bi-weekly and supporting timesheets are sent to the customer.
This model offers flexible ways to improve cost optimization and refresh team.
Complexity of the project is depend on the integration and dependency on the external resources.
Scope under this model is defined tentatively and it evolves as the project move towards progress.
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