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When scope, specification and implementation plans of a software development project are not easy to define at the outset, Time & Material Model becomes an attractive option. Under this model, you pay as per use of the hourly development efforts, making it the most flexible of the three models.
Software development project requirements tend to evolve during the course of implementation thereby necessitating additional or lesser resources. To facilitate such development, this model gives the flexibility of modulating your project team size, while optimizing on the time and costs. The execution steps under this model are same as the previous one except that the development effort is billed at the end of every month based on monthly generated time sheet and pre-negotiated hourly rate. |
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