Time & Material Model
In the time and material model, clients are charged on the basis of time spent by our resources and pre-approved additional expenses incurred for the project. This model is suitable for projects where specifications have not yet been clearly defined at the beginning of the project, or are likely to change. Payments are typically invoiced monthly on actual hours worked and materials used. In cases where rough requirement specifications are available, we’d provide rough order of magnitude (ROM) effort estimates, project timeline, and material/resource estimates. This helps our clients in budgeting and deciding on their finance. Time & Materials projects can optionally be run in an Agile-like process with bi-weekly or monthly requirements setting, and regular update calls to track progress and adjust next phase goals. This is very useful when learnings from one phase of the development will likely affect the direction of the product development cycle.
Fixed Price Model
In the fixed price model, we execute a project at a fixed price with amortized payments over her project schedule. This model is suitable when the project specifications are clearly defined in terms of their requirements and schedules. Any client that opts for this model needs to provide a well-defined Requirements Specifications Document which includes precise scope, project specifics and predefined delivery period. This model works best when our team is familiar with your needs and existing product under development. In an event where a change in scope is required by the client while the project is in progress, we would provide a change request proposal based on the new scope which might increase, decrease or have no impact on cost or schedule of the initial fix price proposal. All change requests are discussed and signed-off by the client so that they are fully aware of any cost and schedule impacts of changes.
In the retainer model, numerous members of the SiGenix Team are called upon to participate in defining requirements, executing the design, and certifying the device to the 60601 standards. This model allows the customer to have a wide variety of expertise on the project on an as-needed basis. The engagement starts with an estimate of monthly resources needed to complete the project. For instance, if the customer authorizes two resources for eight months, then the customer will be billed the cost per resource times 2 for 8 months. Resources are available at a minimum of one but can be fractionally added. If the progress is faster than expected and the project is completed sooner, the customer will not be billed for the additional months. If the project has many unknowns or change requests, the two resources will continue to work as needed to fulfill those requests, but the schedule may lengthen. The customer can extend the number of months to account for the changes. Resources can also be added in order to expedite the project competition date. In this model the customer has access to expertise with the ability to make changes on the fly without requiring a requote of the project.