In this Model projects’ scope is not clearly defined and requirements are dynamic and constantly changing. The Time & Material model works if it is not possible to implement specifics or divide a project into several smaller stages. This option allows an hourly, daily, weekly, or monthly rate for the amount of work, tasks, resources, or other expenses in the development process.
Benefits of Time & Material Model
-
Due to maximum flexibility, you can make changes to any stage
-
You can start a project fast without spending time on planning
-
More control during the development process
-
Change resources based on project's evolving lifecycle
-
You can decide whether to make an hourly, daily, weekly, or monthly payment