Time And Material
Time and material (T&M) is a flexible yet highly effective cooperation model in outstaffing. If your business does not need to hire full-time developers, architects, or designers but faces high-complexity tasks, our senior experts will help you find the solution, working on an hourly basis.
Developing custom solutions for our clients in FinTech,, retail, and other domains we have successfully delivered 100+ projects for our partners worldwide. People have always been the key success indicator of our results!
The Benefits Of The Time And Material Model
One of the most meaningful advantages of this model is task prioritization for development projects. Each project is divided into several tasks (features, use cases, tests, etc.). The provider’s project manager advises on importance, level of complexity, manner of implementation, and the price of the tasks. As a result, the client can prioritize features and use cases depending on their price and relevance to the project solution.
The time and material model is easy to understand, and it provides significant advantages. It is commonly used in an agile process of development.
The model allows the budget to be flexible and helps predict risks for both parties.
In this model, you can pay for work done and divide your payments into parts.
This model is very convenient for long-term projects where it is difficult, or impossible, to predict the finish time.
Here, the development process starts earlier since there is no need to formulate the final requirements.
The client has control over the project and approves or adds any tasks that should be delivered.
Specifications, requests, and updates can be negotiated and executed during any stage of the project.
In this case, the prototype of the functioning system can be developed more quickly. The client can decide when and how to implement more complicated and expensive features. Service providers and the client will always counterpoise project requirements, their understanding, and implementation.
Time And Material Principles
On the go, it’s possible to correct the development process in case the customer’s requirements change depending on the market, new challenges, deadlines, and other factors.
The entire path is divided into different challenges, consisting of smaller, prioritized tasks. So working task by task, we move from challenge to challenge, gradually reaching the culmination of the project.
The project scope contains the main project objectives, and while developing, there is a possibility to make changes.
One doesn’t overpay for the risks that may not occur, but in case they occur, contrary to the fixed price model, it’s the customer who bears the additional costs.
Detailed specifications are worked out on each step, focusing on achieving the main goals.
Under the TM contract, the customer will only pay for real project work.
How does it work in Primalcom?
To effectively apply the Time & Material model, accurate time management is indispensable. As clients pay hourly, a convenient way to track and control the time, expenses, and material is necessary. The Primalcom team uses the Jira management tool to provide all the required data and time-tracking solutions for successful project management and reporting.
Primalcom takes control of the work of the professionals involved to ensure the clients’ satisfaction with both the quality of services and the project’s final result.
Need To Estimate The Time And Budget For Your Project?
To estimate the total cost, you have to consider the cooperation model that works the best for your business. Based on our experience, creating an app from scratch takes 5–10 months for a native product and 4–9 months for a web application.
Use our estimator aimed to calculate the expected development time and budget for your financial apps.
