Project Definition based on project engagement model

Fix Bid Pricing
The fixed price model offers customers a low risk option and can be employed when the scope and specification of the project reasonably clear. This model guarantees on time,on budget delivery project.
Deliverables,Costs and Time lines are clearly defined in the Time/fixed price model.
This model works best for customers with well defined requirements and project schedules.
Advantage
1.You don't have to deal with the day to day hassle of project management and are free focus on business strategy
2.A detailed analysis of requirements is carried out.
3.A detailed project/functional specification drawn up.

Time & Materials Pricing

This business model is based on resource utilization during project time span. When scope,specification plans of a project not easy to define at the outset,Time and materials become attractive option. At times once the scope of the project frozen Time and Material also converted in to fixed price model.
This is usually monitored through weekly time sheets or on a reporting frequency suggested by the client
Advantage
1.Flexibility to balance team size and project workloads.
2.No hidden fees
3.Customers are not billed separately for requirements gathering the project management hours

Retainer Pricing
In this model a monthly retainer fee is agreed upon at the beginning of the contract. The retainer fee is paid at the beginning of the month and entities the client to the min hours programming support. Any additional hours will be charged at the agreed hourly rate.
Advantage
1.The client would provided with weekly time sheets for the utilization of the resource.
2.Extension of the retainer engagement if required based on mutual consent. Customer are not billed separately for the requirements gathering the project management hours.