This document compares Time and Material and Fixed Price engagement models for software development projects. Time and Material is suitable when requirements are unclear or changing, as it allows flexibility in resources and billing is based on hours worked. Fixed Price is suitable when requirements are well-defined, as the client pays a fixed price for successful delivery within a scheduled timeframe. The document provides details on when each model is most appropriate and how costs are determined.

1. A comparison between Time and Material and Fixed Price engagements for Software Development

3. Defining the models Time and Material and Fixed Bid

5. When to use

8. Project Approach

9. Fixed Bid Project Approach Requirements Gathering Contract Development Delivery Proposal and Schedule Understanding of Project 4 days

11. Cost / Fee

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