Fixed Time and Budget Software Projects
Why do we offer fixed time and budget options?
Based on dozens of successfully launched digital products, we noticed our clients and partners need to have more control over their projects delivery schedule and budgets. When building complex digital products, the process tends to expand, the scope grows by the minute, and issues arise that nobody anticipated. When setting firm ground rules of what has to be delivered within what deadline (including the price tag that goes along with it), all entities included have a clear understanding of what the goal is. For this to happen, key business decisions need to be made based on estimates of various options and a plausible road map has to be created.
For fixed time and budget to work, your digital product’s roadmap needs vital milestones defined
A well-defined scope’s main goal is to minimize the changes that can take place along the way. For all parties to work with the proper motivation, milestones have to be set across the product’s roadmap. Fixed deadlines motivate us to stick to the initial plan, without getting sidetracked (like adding anything non-vital to the scope). Understanding your market, the users, and conducting proper customer discovery are some of the first steps to planning a fixed price and fixed budget software project.
When should you use a fixed price model when building a digital product?
Not all projects (and pockets) are made for fixed-price solutions. If your product and/or market are constantly evolving (i.e., every month), this might not be the best way to approach building it. On the other hand, if you’re in the business of creating digital products that you systematically want to deliver (i.e., each year) to the market and have a clear ROI - sticking to deadlines and budget is a reasonable solution. Here are a few reasons why you might want to switch to a fixed time and fixed budget model:
- Minimal Viable Product development. Jump to Agile after it’s in the customer’s hands.
- Replacing a Legacy System with largely similar feature set (i.e., native mobile app of a existing web-based service)
- Clear goals for the product in the market
- Specific features which the product must have
- Limited budget to achieve the above points
- Specific market-driven deadlines (trade show circuit, competitor lunaches, etc.)
- Internal IT Team incapable of delivering whole product on time
REASONS TO WORK WITH US
- Project teams with a business mindset
- Getting things done on time and on budget
- Design thinking paired with solid software engineering
Freeport Metrics was able to provide a reliable and professional team for our projects, and they quickly grasped the scientific concepts that are part of our core algorithms. They have proven to be valuable partner.- John L.H. Schenkel, Jr. President & CEO of NeoProteomics
From the Blog
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