Time & Materials

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.

  • Flexibility: The model allows for adjustments and modifications to the project scope, accommodating changes that arise during development.

  • Continuous Improvements: Clients can make enhancements or add new features during the development process, ensuring the end product meets their evolving needs.

  • Real-Time Visibility: Clients have complete visibility into the project's progress, resource utilisation, and costs, enabling better decision-making.

  • Agile Approach: Time & Materials aligns well with Agile methodologies, making it suitable for iterative and collaborative project management.

Best Time to Select
  • Projects with dynamic or evolving requirements.

  • Ideal for software development, where technology and business needs change frequently.

  • When the full scope of the project is not entirely defined at the beginning.

  • Projects requiring continuous improvements and iterations benefit from this model.

Key Takeaways
  • Time & Materials offers flexibility and adaptability for projects with evolving requirements.

  • Effective communication and collaboration are crucial for successful project execution.

  • Clients have real-time visibility into project progress and cost.

  • Proper change management is essential to avoid scope creep.

Get In Touch


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