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Software Development has formed the economic and social face of the planet within the most recent 3 decades. What was once thought of gibber and kept to the elite minds that place humans on the Moon and cracked the German Enigma is currently a well-liked profession that has created landmarks just like the Silicon Valley and icons like Bill Gates and Steve Jobs. With the spurt in revolutionary product ideas within the late 90s, the need to place those 'thoughts' into execution demanded the best development-skills, and this 'request' has been solely developing with time. This conveys us to an aspect of software development that has perpetually been a significant business call for companies - the foremost cost-effective engagement model. Here is what we think regarding selecting the right engagement model: Fixed Price Model Fixing the price is about fixing the project requirements, scope, as well as deadlines. This model can never work while not thorough initial planning, analysis, and estimation sessions. The more planning you do, the better the result. Why is the planning stage so important? The success of the fixed price project is directly proportional to the success of this primary phase. To have a superior control over a greater project, the engagement model may be somewhat changed with deliverables & milestones approach. A customer is charged because the in agreement milestones have come and deliverables are in situ. From that point forward, another stage with its own particular milestones and deliverables can start. For the majority of effectively fixed price projects, discovery phase fills in as the beginning point. Choose Fixed Price Engagement Model when: Requirements are clear, very much characterized and improbable to change You deal with a small or medium project which won't last for more than few months The Pros: It's well-defined and well-negotiated. There's no room for lapses. There is a push to get the total picture of the software even befo