- Time and Material (T&M) Model: This model involves charging the client based on the amount of time and resources that the service provider spends on the project. This model is ideal for projects that have undefined requirements and are likely to evolve over time.
- Fixed Price Model: In this model, the service provider agrees to deliver the project within a specified budget and timeline. The client pays a fixed amount for the project, regardless of the time and resources spent by the service provider.
- Dedicated Team Model: In this model, the service provider provides a dedicated team of professionals to work on the project. The team works exclusively on the project, and the client has full control over the team's work.
- Outcome-Based Model: In this model, the service provider agrees to deliver specific outcomes, such as achieving a specific business goal or solving a specific problem. The payment is based on the successful achievement of the agreed-upon outcomes.
- Managed Services Model: In this model, the service provider takes complete responsibility for managing the project from start to finish. The client pays a fixed fee for the services provided, and the service provider takes care of all aspects of the project, including planning, execution, and delivery.