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Time & Material business model is developed for projects, where scope, specifications and implementation plans are not clearly defined at the initial stage of its development and hence total effort cannot be estimated accurately with any reasonable degree of confidence at the time of placing the contract. This model enables the client to change the specifications based on the upcoming market trends.
If compared with Fixed Budget offer, which is ideal for projects with a detailed technical specification, Time & Material model is the best for scalable projects and provides the flexibility to manage the team size and total efforts.
This model follows a strict project management and reporting practices where task sheets are generated on a daily / weekly basis for each person working on the project.
Under this Model, we work hand in hand with our client for the execution of end-to-end project. We follow an agile development methodology to develop projects following Time and Material Model. In this methodology, we plan a phase that consists of certain tasks to be done in accordance with the client's priority and deliver it in a defined time line. After completion of this phase, we plan another phase for another task in the priority list. The time line for a phase varies from 15 days to one month depending upon the overall project size.
Besides the regular detailed reports FOCUS experienced Account Manager will ensure effective constant communication to keep you updated on all resource aspects.
To get the Time and Material Model, the client needs to specify the project scope, task and period of time. Based on this, we specify the rates (hourly fee) charged for the efforts of the resources to the client. Once the client is satisfied with our rates, we sign a contract with him stipulating the team roles, their hourly rates and the payment schedule.
   The cost of the project depends on the team size and effort of each team member. The payment schedule depends upon the phase’s duration and will be done on a monthly or bi-weekly basis according to the effort reports. |
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