The Time and Material Pricing Formula is a cost structure used to assess the total price of a project. It focuses on two key elements: time and materials. In this pricing model, customers are charged for the number of hours spent working on the project, as well as the materials used in completing the project. This formula offers customers greater transparency into what their project costs are and helps ensure that any work done will be noted and paid for accordingly. By having an official business definition of the Time and Material Pricing Formula, everyone involved in a project can have clarity on how much it will cost and how long it will take – creating a smoother, more efficient process.