What is ts vs basel?

TS (Time and Material) and Basel are two different methods of cost estimation used in project management.

TS is a billing and invoicing system where the client pays for the amount of time spent and materials used for a project. This method is common in industries where the scope of work is not well-defined, such as consulting services or software development projects. In this method, the costs are charged to the client based on the hours worked and materials used.

On the other hand, Basel is a methodology that provides a structured approach to project management. It helps in estimating the cost of a project by breaking down the work into manageable tasks and then estimating the cost and time for each task. Basel helps in identifying and managing the risks associated with the project, which reduces the cost overruns and delays.

Compared to Basel, TS is simpler since it involves only the billing and invoicing process. It is suitable for projects where the scope of work is not well-defined. Basel, on the other hand, is more complex and helps in better management of project costs and risks. It is suitable for projects with a well-defined scope of work and required deliverables.

In summary, TS is a billing method that calculates the cost based on time and materials used, while Basel is a systematic methodology for project management that helps in estimating, managing, and controlling costs and risks.