With an outsourcing model, an organisation hires expertise when they need it. Managed IT services are one form of outsourcing, however not all IT outsourcing engagements have ongoing management and services.
Projects have a specific set of requirements and a defined outcome. You might engage with an external service provider to work on a particular project because the outsourcer is fast, cost-effective, or has a depth of experience in one specific area.
Outsourcing offers organisations a way to build and execute projects without taking on extra in-house staff. The difference between an outsourced project and a break/fix model usually comes down to the nature of the project – break/fix is reactive, whereas outsourcing can be more proactive. This option can help if a business has limited expertise, space, or resources, and works well if they only need the service provided on a one-off or intermittent basis.