The Time & Materials engagement model is a project-based approach where Smith Professionals, as an IT company, provides services to clients based on actual hours worked and the cost of materials used. Unlike the Fixed Bid model, Time & Materials allows for flexibility and adaptability, making it suitable for projects with evolving requirements or those where the scope is not entirely defined upfront.
Working of Time & Materials Engagement Model
Initial Assessment: Smith Professionals collaborates with the client to understand their project requirements and objectives. The scope of work is discussed, but not all details are finalised at this stage.
Resource Allocation: Based on the initial assessment, Smith Professionals assigns a dedicated team of skilled professionals, including developers, designers, and consultants, to work on the project.
Ongoing Development:The project progresses with Smith Professionals providing the necessary resources and expertise. The client has the flexibility to make changes or additions to the scope as the project evolves.
Time Tracking and Billing: Smith Professionals meticulously tracks the actual hours worked by their team members and the materials used throughout the project. Clients are billed based on the time and resources consumed.
