Fixed-price vs Time and materials − what is best for your project?
Outsourcing has become a widely popular model for running business in the modern world and there is no surprise. Companies specializing in one field do not need to allocate finances, employ people and plan their job in a field they have no experience and knowledge at ― they may take advantage of outsourcing companies. These can be services of any kind ― IT, design, finances and other. However, when it comes to selecting a model for the contract and project’s realization, there might be an issue what to choose for your project. Mainly, there are two different approaches ― Fixed-price Model and Time and Materials Model. In this article we will discuss both models and identify their pros and cons in order to select the approach which suits your project best.
