There are two types of companies
1. Product based companies
- A product-based company is a company that makes products that might or might not be related to software. However, they do need the IT department to make that product more sellable. In Simple words, Product based companies are those that create some products like Oracle, Adobe, Samsung, etc. are product-based companies.
2. Service based companies
- A service-based company is the one that provides customers, clients the ultimate solution to their requirements or a service to another company. The service offered by the company is intangible and can be provided in the form of skills, amenities, and expertise
There are two types of projects
1. Fixed bid projects
- Budget and time will be fixed
2. Billing projects
- Resources working in the project will be billed to the client on the hourly basis.