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.
Simple products - e.g ecommerce portals
Straightforward products such as landing pages, WordPress sites can be done in this method
Fixed cost
Don’t need to worry about variable cost as cost is fixed in this model
When to choose this model?
Well-defined Project Scope
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.
Budget Constraints
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.
Minimal Scope Changes
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.
Clear Project Specifications
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.
Small to Medium-sized Projects
Fixed cost models are commonly used for small to medium-sized projects with well-defined scopes, as they offer simplicity and cost predictability.
FAQs
- What if project requirement changes over the course?
- What are the payment terms for this engagement model?
- Would I have to get involve frequently for project updates?