Fixed Price Projects
Fixed price projects can be beneficial for a business. Buying a pre-built app or software solution isn’t always enough to fulfill your company’s needs. It’s possible that this solution lacks the functionality you seek or that it doesn’t work with other apps. In addition, to the challenges with pre-made applications, there are other reasons to build a custom one. Companies can either use internal resources to form an internal department or outsource application development.
If you decide to hire an app development company, you must sign a work order and a contract. Development organizations use a variety of pricing models, such as the time and materials model or fixed price model. The two methods mentioned above are now the most popular price models for software development, and they are very different from one another.
While each of the pricing methods has its benefits and drawbacks At Linkitsoft, we are highly delight to offer a fixed price projects model to offer you the best budget usability and help you choose the option that would work best for your situation.
Fixed price model vs Time and materials model
In a time and material model, you pay for both the real-time the team spent creating your product and the price of all the supplies and tools they implement.
In contrast, in a fixed-price project, you pay the provider a certain amount for the specific project scope regardless of the number of hours the team works on the product or the additional expenses the provider incurs along the process.
Explaining fixed-price projects
A fixed-price projects model is a sort of agreement where a client and a service provider concur on a set scope of work, deadlines, and payments. With this paradigm, you can define the project scope without having any prior experience with software development. The project’s requirements, timeline, work scope, and expenses are all explicitly state at the outset.
An agreement between a client and a vendor on a predetermine scope of work, deadlines, and payments is implied by a fixed-price project. It’s a fantastic choice for tasks with a predefine set of features and set due dates. You are aware of exactly what you will be paying for as a customer and when your software product will be deliver. A dependable and predictable method of outsourcing software development is the fixed-price project.
At Linkitsoft, we can assist you in identifying your problems and creating a thorough project specification. Based on that specification, we then create cost and time estimates.
Advantages of the Fixed Price projects
Custom software development projects that are fixed price have predetermine project processes and roles for all parties involved. Fix price is more than just a pricing model. Scope, time, and cost, the three main limitations of the well-known Project Management Triangle, are all fix.
The best conclusion for all parties is that they can’t go over budget. The scope needs to be established first. The requirements for the product should come from the client. The contractor will then figure out the cost and schedule after that.
As a result, it is simpler for the project manager to oversee the development of the app. The team maximizes the accuracy of their estimations while the contractor accepts greater risks.
You’ve now complete all the requirements and specifications and are prepared to start working with your vendor on your new project. But first, consider all the advantages and disadvantages of a fix-price agreement. You should weigh all of your options because your cash and product are on the line.
Some of the key advantages that a fixed-price project has to offer are.
For the results to be predictable, you must work with a dependable vendor who has a proven track record of success in delivering similar projects.
When you work with Linkitsoft’s developers, you can be confident that you will get exactly what you pay for. Furthermore, this collaborative approach is predictable, and if you choose fixed-price project development, you can be certain of the outcome.
Certain milestones will be met by your software development partner throughout the development process. Your partner will show you a fresh build with new features at each milestone. Furthermore, the team will showcase new features and enhancements regularly, allowing you to track the project’s progress.
That way, you can be as involve in the process as you need to be while staying ahead of the delivery timeline. The final milestone will be devoted to product testing and refinement.
You bargain the price and decide where the project will go from there. Additionally, you have a set deadline, which is very advantageous for more effective business planning. Because you can monitor the development progress as it hits each milestone, it is also a lot simpler to manage.
Regular updates from the developers to you will encourage open communication and cooperation between you and your outsourcing company.
A client knows how much money it will take to construct an app using a fixed-price project model. The overall cost of the project is specify in the contract and remains constant.
As the app’s specs are plan, a client receives a ready app on the predict date. Additionally, knowing the deadline allows the client to organize post-launch activities.
Little Management Efforts
All project features are well-document so that they may be rapidly pass down to the development team without further customer engagement.
What we offer?
The fixed-price project reduces the costs of monitoring hourly contractor performance, allowing more time to be focused on monitoring the quality of the outcomes.
Ease of Working
Your project’s appearance is made plain to you by well-stated specifications and criteria with specifics, and it is broken up into discrete tasks to make working on it easier.
The team has a predetermined budget that they must adhere to while deciding on expenses. The total cost never goes over the allocated amount.
We have agile commercial agreements in place that allow you to change the scope of your product as you go.
Full Cycle Services
Through our Discovery Workshop, we may initially engineer your requirements in addition to designing and developing your product.
Our fixed-price projects are assure to be deliver on time when a target and deadline have been establish.
During a fixed-price project offering, we offer a group of resources to assist you in brainstorming multiple outcomes for your project so that our digital solutions can be offered in advance.
At the beginning of a fixed-price project, we prioritize the needs of our clients and offer a continuous 30-day warranty, round-the-clock assistance, and clearly stated SLAs to ensure that their business activities continue.
Offering a fixed price with no hidden fees. We commit to what you need to build only when we fully comprehend it. With a client satisfaction percentage of over 95%, we are happy to introduce you to previous clients.
Peace of Mind
When a customer chooses the fixed-price project model, we handle every step of the project’s completion, offering them peace of mind so they can concentrate on their core business operations.
You don’t have to deal with the stress of recruitment, infrastructure setup, or numerous staffing hazards and concerns. We assist you in quickly ramping up and getting start on your project.
For the course of the project, highly skill senior-level cross-functional teams, including technical project managers, developers, designers, and QA experts, are assign.
By upholding stringent NDAs, work is protect by IP and secure, posing zero risk in exchange for security. There’s no need to be concern about your ideas and code base being stolen because you’re fully secured by normal “Work for Hire” agreements and NDAs.
To select an appropriate price model, you must first assess the extent of your project, the time frame, the budget, and the amount of engagement you desire and can afford. Linkitsoft has worked with multiple fixed-price projects and can guarantee a reliable fixed-price project service. We are qualified to analyze your business requirement and advise you on an effective fixed-price model which is most suited to your project’s specific needs.
You may always contact our staff if you need assistance selecting the fixed price model or want a precise estimate on your project.