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In a fixed price model the client would have to give clear specifications about the requirements at the start of the project and a fixed price quote will be provided for with an expected schedule for the delivery. The key features of the model would be
- The model works well only when there is very high levels of clarity on the requirements and the clarity is captured in documentation
- There is clear visibility on the budget and schedule for the project
- There will not be much flexibility to alter the requirements during the development of the project
- The project would typically be delivered in a waterfall model
When there is very high levels of clarity in requirements a project can be run under a fixed price model. When there is lack of clarity clients could engage us over a business analysis engagement to build the level of clarity required to come up with clear specs and estimates. When there is lack of clarity in the requirements a fixed price model would work against the interest of both the client as well as the service provider.
If you are interested in engaging us in a Fixed Price engagement do get in touch with us. If you are not sure if the model would work for you let us have a look at your requirements and we can evaluate the best model to build out your requirements