The Fixed Bid engagement model is a project-based approach where Smith Professionals, as an IT company, offers clients a predetermined and fixed cost for a specific scope of work. Under this model, both parties agree on the project requirements, deliverables, timelines, and costs upfront. Smith Professionals commits to completing the project within the agreed budget, regardless of any potential changes in scope or project complexities that may arise during the development process.
Working of Fixed Bid Engagement Model
Project Scope Definition: Smith Professionals works closely with the client to thoroughly define the project scope, including all deliverables, functionalities, and specific requirements.
Project Proposal: Based on the project scope, Smith Professionals provides a detailed project proposal outlining the timeline, cost breakdown, and milestones. This proposal serves as a legal agreement between the client and Smith Professionals.
Execution and Delivery:Smith Professionals initiates the project, assigning a dedicated team of skilled professionals with the relevant tech expertise required for the project. They work diligently to meet the agreed-upon milestones and deliver high-quality solutions within the predetermined budget.
Change Management: In a Fixed Bid engagement, any changes or additional requirements that emerge during the project must be assessed and approved by both parties. These changes may lead to adjustments in the timeline and budget.
