Fixed Price Model of Pricing

Framework

The emphasis in fixed price model of pricing is on TIME and MONEY. You as a customer know how much it is going to cost and how soon are you going to get the deliverable.

Predictability and assurance is the hallmark of this model. Your project is executed on a fixed-price fixed-time billing basis. Engagement may be fixed on hard set of specifications, or accommodate certain level of flexibility.

Concept

In this model you and Interactive World agree to a fixed price and timelines for a project at the beginning of a project. This is a popular engagement model which clients feel comfortable dealing with as it gives them a budget and timeline that is fixed. Interactive World has perfected this model and is adept at delivering at high quality software in time and within budget.

Applicability

This mode of engagement is ideally suited for developing known and well understood solutions with relatively low to medium levels of complexity. This model is well suited for projects that have clear specification documents and sufficient amount of detail so that all risks are identified and all assumptions are explicit.

These projects typically leave little scope for changes and additions during the project execution. As a customer dealing with this model, you would be a knowledgeable person in the business domain and will have an understanding of the software development process. This model's success hinges on the active cooperation of the client. It assumes that the client will provide timely and relevant feedback & decisions.

Process

You will provide a detailed specification document to Interactive World. Interactive World along with you will review the specifications and ensure that all assumptions, details are made explicit. Interactive World will prepare an effort analysis and propose a fixed price and fixed time frame for the project execution. Interactive World also will highlight the scope of change and possible risks during the execution phase.

You and Interactive World will enter to in an agreement that covers visual aspects, documentation, application design, testing, support period, change management, communication protocols, milestones, timelines and commercial details. The project is executed as per the agreement.

Interactive World can help you in evolving the specifications for the particular project at a fee. Interactive World's business analyst discusses the project in detail and prepares a low level specification document laying bare the various elements of the project.

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