Fixed-price Hiring:
Fixed-price hiring is based on a preset scope, time, and budget. It suits clear projects, and it provides predictable costs, deliverables, lesser financial risk, and systematic execution devoid of unforeseen cost alterations.
Hourly Hiring:
Hourly hiring means that you can only pay for the number of hours you have actually worked on development. This model is apt to meet the changing demands, and provide flexibility to add or reduce resources, billing is transparent, and constant changes are able to be made without renegotiating of project scope or long-term commitments.
Project-based Hiring:
Project-based hiring is more oriented towards providing an entire solution in a fixed scope at an agreed budget and time frame. It is a blend of formal planning and high-quality implementation and is applicable to medium to large projects where there is a need to have specific results, responsibility, and accountability of the entire development process.