At times scope, specification and implementation plans of an engagement are not easy to define and specify at the outset. For such projects the effort estimation for all the elements and aspects of the project and for all stages is usually not possible right at the beginning.
In such situation resource utilization based billing is done. There is a specific rate associated with each resource depending on the experience, skill, role etc. of the resource in the project. The effort is charged on this pre-agreed rate (hourly, weekly, monthly) until the project is delivered in its totality.
Flexibility: The model accommodates evolving project requirements, allowing for adjustments without the need for contract renegotiations.
Transparency: Detailed records of time and materials provide clients with clear insights into project expenditures.
Cost Uncertainty: Without a fixed price, total project costs can be unpredictable, potentially exceeding initial estimates.
Administrative Overhead: Requires meticulous tracking of time and materials, which can increase administrative efforts.
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