If the time limits and requirements of product development are rather vague and may change over time – this is the model you need. With Time & Material approach you have an ability to alter the size of the development team, workload amount and timeframe required to complete the task while optimizing development costs.
To simplify the whole process, the development phase is divided into several stages, each of them has specified requirements, workload, and a timeframe. Such an approach allows you to control the development process and implement necessary changes in a fast manner.
Best used when:
- You have a project where requirements may need alteration in the course of time
- For a large and long-term project where it is not possible to outline a final result on the initial stage
- You want to have some development stages done individually
- Transparency: you keep track of all the processes happening and see interim results at the end of every stage
- Dynamic response: the workload and work layout is to be changed within the shortest possible time
- Financial benefit: as the whole process is divided into clear stages, you are aware of the cost and can forecast the expenses