Four myths exposed when developing products with time and material estimates.

Content Summary

There are two ways to contract for design and engineering services: fixed price and time and materials. The former can give the purchasing department an idyllic vision of security and control, while the latter offers a vision of mayhem and runaway costs. When competing product development firms use different methods to bid on the same project, uncertainty and false expectations can overshadow the real benefits of a well-considered time and materials estimate.

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