A fixed bid project is a project pricing model where all three elements of the project iron triangle; scope, time frame and cost, are fixed before the project is initiated. In a fixed price project bid, what will be delivered, when it will be delivered and how much it will cost is agreed to before the client signs off on the contracts. Most small web projects are bought and sold in this model.

Other project pricing models

• fixed budget project and recurring fixed budget project
• time and materials

The iron triangle is a project management concept that states that project scope, time and costs (or resources) are interrelated. The iron triangle represents these three vectors as three sides of a triangle:

1. Scope - Features, Functionality and Quality
2. Time - Schedule and work time allotted
3. Cost/Resources – Internal staff time, consultant fees, expertise available, assets and equipment required