Project-based model
Also known as the Fixed Price model, it is suitable for customers who are looking for collaborations with precise beginnings and endings. Requirements and project schedules are well-defined: what needs to be delivered, when, and with what costs, while several alternatives are being examined. Normally, this model requires the customer to have all technical aspects (technology platforms, database model or software architecture) set and provide the specifications.
Under this model, projects are developed in several fixed price iterations and delivered based on time and budget.