Dedicated Resource model:

This model is best suited for clients who wish to run the project on their own and would want technical assistances only. Such clients are provided with a devoted development squad for the project, which takes care of all the technical details of the project.

The Dedicated Resource Model is best for companies with in-house IT staff to manage and direct projects.

Benefits:

Flexibility in given tasks altering.

Fixed price per hour.

Opportunity of terms extension.

Fixed price model:

Fixed price model is suitable for the clients who have very clear requirements and who do not want to get involved in every step of the project. The full responsibility of delivery lies on the development company. This engagement model is the most commonly used business model, which ideally makes cost estimation streamlined and fixed.

In this, the customer is billed on defined milestones and it works best for well-defined, small to mid-scale projects.

Benefits:

Risk cutback

Assured on time delivery.

Premeditated price with desired quality.

Time and material model:

This model is handy when the requirements are not clear and there are possibilities of changes in the project structure and features. This model works very well for any size of project. It is especially designed to implant requirements on the go; where provisions are made to include robust changes. The client may add new functionality, tweak the old ones or remove.

This model works on the lines of pay-on-the-go of the workflow, where there is no probable way to classify an overall estimate of the project, and payments are done for a few functionalities or a set parameter excluding the cost of bug fixing and revisions.

Benefits:

Adequate and optimally calculated price.

Possibility of frequent process updating, and extension or squeezing of the project development.