Time And Materials
Time and Materials (T&M) is a project management and billing methodology where clients pay based on the actual time spent by workers and the materials used, rather than a fixed price. It is commonly used in software development, consulting, and other service-based industries where project requirements are uncertain or likely to change. This approach allows for flexibility in scope and resources, with costs tracked through detailed timesheets and expense reports.
Developers should use Time and Materials when working on projects with evolving requirements, such as agile software development, research and development, or maintenance tasks, as it accommodates changes without renegotiating contracts. It is ideal for situations where the full scope is unclear at the outset, reducing risk for service providers by ensuring they are compensated for all work performed. However, it requires transparent communication and trust with clients to manage expectations and avoid cost overruns.