Expected result
Results are negotiated and placed in front of the audience. Before the development process begins, you provide the demands and technical specifications, and you receive the products and services to meet your requirements.
Visibility
With the detailed specifications that are written before the project begins, the fixed price model provides you with a forecast regarding the project deadline. As our proposed deadlines have already been approved by you, you will be able to track your project's progress and know precisely when it will be completed as we move along.
Less Management from the client
A client's needs will determine how things are structured, and what they know about what to do. A fixed price model is less time-consuming and labour-intensive due to the fact the development team, scope of work, and budget are all defined up front.
Projects with a short-term, well-defined scope
Choosing a fixed price may make sense for projects that will not take longer than three months to complete. Keeping your budget in mind for the quarter will help minimize the possibility of being surprised by changes in circumstances. Before the start of the project, it is important to know the vision, the goals, the expected results, the target users, and the inherent risks.
Budgets that are limited or complicated
A fixed price seems ideal if you know exactly what you must spend or if you need the project budget approved before any adjustments can be made. This is usually the case in the financial and government sectors, where the acceptance of an offer of implementation is dependent on a predetermined price.
A rigid timeline
An unmovable deadline will guarantee that you will be able to complete the project on time if you hire a fixed price. Nevertheless, in such a situation, you should be cautious to ensure that your requirements are as clear and accurate as possible - if changes need to be made, these will have their due dates, so a rigid timeline will become less rigid.
Ease of management
We predetermine the due date as well as the cost of payments. Further, to implement the project on a day-to-day basis, some involvement from you is necessary. The initiative should be handed over to the supplier after you have done your part - providing the requirements - so you do not have to worry until the project is completed.
