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Project Pricing means a model in which you are going to estimate costs of the project, appraise its monetary worth, and bill for the project. Usually project price is paid by the project customer to the project performer (contractor) – this is a compensation for the work accomplished and it involves a lot of different factors, such as hourly rates of workers, costs for materials, amounts of labour, risks, difficulty of project tasks, etc.
There are different pricing models, including:
- Fixed Price Model: the price for a project consists of the project costs plus certain markup added by the contractor. This model works effectively when a project is characterized by well-defined requirements and well-elaborated plan – probably it is a standardized or recurring project.
- Time and Material Price Model: the price for a project is reasoned by a unique amount of labour and materials consumed. This model works well for a flexible and agile project execution where the client requires a great portion of individualized approach.
- Milestone-based Price Model: this way of project pricing is based upon a concept of progressive payments and is managed through progress monitoring by the customer who pays according to a visible milestone achieved and appraised level of progress done.
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