Fixed price model is convenient when scope and specification of the project are reasonably well defined. It’s a low-risk model in which we define expected deliverables and fix time-lines of each milestone ultimately fixing a deadline of the project. It is applicable to Agile projects too as the scope of a project is determined in advance along with the costs regardless of the project size.
- Fixed deadline of project
- Cost and overheads are quoted
- Pre-defined solution in detail
- Specified Scope and Specification