Time Model – Listing
Pros and Cons of Time and Material Model
- This model is very effective if there are too many unknowns in a project.
- This model also enables the client to quickly increase and decrease project teams as per requirements and budgets.
- It is the model of choice for the initial phase of new development projects
Cons of Time and Material Model
- Client needs to set aside management hours for controlling and tracking vendor resources including the approval and clearance of time-sheets.
- It is often difficult to provide accurate budget estimates since there would not be any limits on the hours of utilization.
- Vendor managers will not take responsibility of deliverables and management of stakeholder expectations.