We work in fixed scope project where project requirements are well documented in form of PRD or UI designs. The requirement does not change over time in this model.
Straightforward products such as landing pages, WordPress sites can be done in this method
When to choose this model?
When the project requirements, specifications, and deliverables are clear and unlikely to change significantly during development, a fixed cost model works well. It provides certainty in terms of budget and timelines.
If you have a predetermined budget and need to control costs strictly, a fixed cost model allows you to have a clear understanding of the total project cost upfront.
If you expect minimal or no changes to the project scope during development, a fixed cost model provides stability and minimizes the need for re-negotiation or additional costs.
When you have detailed and comprehensive project specifications, including design mockups, wireframes, and functional requirements, a fixed cost model is suitable as it allows for accurate cost estimation.
Fixed cost models are commonly used for small to medium-sized projects with well-defined scopes, as they offer simplicity and cost predictability.
- What if project requirement changes over the course?
Ideally project requirement should not change. But in case, any change is required, the project cost have to be re-calculated.
- What are the payment terms for this engagement model?
Based on the project requirements, we come up with a fixed cost. Payment terms are divided in Advance and Phases.
- Would I have to get involve frequently for project updates?
Daily involvement is not required since the deliverables are well-defined. Our team will give demos after the completion of pre-defined phases.