Time and Material

The Time and Material Business Model is applied for long-term projects with the difficulty of estimating the required resourced and the budget too. This model provides clients the flexibility to pay service provider in parts, as defined in the payment agreement.

Rapidsoft Technologies provides software development services via Time and Material Business Model. The total cost of the project is determined by the resources utilized and the time spent. Here are the details to Time and Material Business Model.

Applicability:

This model is the best for large scale and complex projects having longer duration, specification and scope as the project progresses.

The idea behind any software project is to solve the business needs. With the help of this model, the software service provider can extract the best possible solutions for the business requirements of a client. This model mainly focuses on the requirement of clients and provides them the best possible solution.

Execution:

In the initial phase, the complete scenario includes defining the problem, suggested solution, business analysis, designing of the architecture, research based documentation, coding, maintenance, and respected support.

The effort analysis for all elements and stages of the product is defined with perception and is charged on pre-agreed hourly rate based on the quality of resources involved in the project. To reduce the overall time and cost of the project, a mutual agreement and an omni-bridge with customer is maintained for the change management to make sure that the changes are implemented in a controlled fashion and are followed for every element until solution is completely delivered.

Advantages:

With the use of distinct skills of technology and execution path, this model provides solutions for complex business problems.

• Offers adaptable and flexible budget.
• Pay in parts.
• Low risks- as the project development can be altered or cancelled at any step.

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