In this model, a project is split up into several time-boxed iterations. These iterations could be based on the Fixed Price or Time & Materials Model. It depends on how accurately the work effort, delivery schedule and cost can be estimated.

Iterations comprise a list of usable deliverables which are to be produced within a given time frame (e.g. one month) for which the budget is known. After each iteration, the work product is evaluated and the next iteration is fine-tuned on basis of this information. This means, you the client, are highly involved and is in control of the project scope and progress.

For example, the project scope not being clearly known/defined, the requirements definition needs to be completed as one or more iterations in the Time & Material model.

After the requirements have been clearly documented and agreed, the development phase can be executed as a Fixed fee project. Further changes in specifications can be managed with the change control processes.

This model allows you and us to develop a solution that is better suited to your requirements, as it supports a progressive learning curve. It also leaves the door open to add or change functionalities throughout the development process while keeping control over the progress and budget in full transparency.

In short, the Fixed Price and Time & Material model leads to significantly better end-results and lower project risks.