How do we manage to keep our prices fix?
We ensure fixed pricing by detailing the scope, deliverables, and timeline of a project at the very onset. Detailed planning and well-defined milestones reduce uncertainty to ensure that we are able to deliver on budget without any surprise.
Fixed Price Model is ideal If:
This Fixed Price model is ideal for projects whose requirements are well-defined and hardly flexible. Apply this model if:
Defined Scope
If you have a good well-defined project scope, with objectives and expected deliverables, cost predictability will be available through a fixed price.
Cost control
If you have a strict budget and need to avoid unexpected costs, a fixed price provides financial certainty.
Limited flexibility needed
Projects in which a limited number of changes are expected easily make it to keep to the plan and budget.
Short to medium-term projects
Best suited for the projects with short to medium timelines where requirements are well defined, hence there is a minimal need for adjustments.
Advantages of a fixed price model:
The Fixed Price model offers cost predictability, a clear timeline, and reduced risk, making it ideal for projects with well-defined requirements. Key benefits include:
Cost predictability
You know the total project cost from the start with no hidden fees or surprises.
Less management overhead
Once the scope is agreed upon, the project follows a predefined path with minimal ongoing oversight needed.
A very clear timeline
The time when the project is working out with well-defined and measurable milestones and deliverables that help to meet deadlines as it stays on schedule.
Less Risk
A fixed-price project with a scope specified is less susceptible to creep of scope or overrun.
Simplicity
Relatively easy to manage in cases where all requirements are well-defined, and hence the process is very straightforward for both parties.
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