Time & Material Model
Time & Material model (T & M) became one of the most popular models due to its flexibility to manage available resources. This model is primarily applied to the long-term projects when the client can’t be provided with the accurate project estimation due to the large scale of the project or impossibility to define the time-line and the budget.
When the project scope, specification and implementation plans cannot be precisely defined at the outset or when requirements could change dynamically during the project implementation process, the Time & Materials model provides the flexibility of modulating the size and workloads of the development team assigned to your project, while optimizing time and costs. Under the Time & Materials option, MST’s offers its skilled resources, and the development effort is billed at the end of every month based on the pre-negotiated and mutually agreed hourly rate. Hence, the total project cost is determined by the amount of time and resources expended.
The advantage here is that the Time & Materials model offers you a high degree of flexibility to alter specifications, accommodate unplanned activities rapidly, and adjust project resources based upon your evolving requirements throughout the software development process.
THE DISTINCT FEATURES OF THE TIME & MATERIAL MODEL
- Client can pay in parts for the project.
- The payment is made on the time rate basis.
- Quick accommodation to any changes in the project.
- There is no exact plan of project implementation.