The basic elements of a project are resources, time, money and scope. These four elements are reciprocally connected with each other. Hence, a project manager must be able to manage these elements altogether in making up project management methodology.
The resources will include the manpower that will do the assigned tasks to complete the project; and the necessary equipment and materials to be used in pursuing the work. The time pertains to the period during which the work has to be performed and the estimated date when the project will be completed. The money refers to the budget; how much you allot for the costs and contingencies as well as the profit you expect to gain.
The most important element in project management is the scope. In fact, the scope has to be considered in all stages of project management methodology. The scope refers to what the project aims to accomplish. As a project manager you are expected to meet the scope of a project in relation to the timeline, budget and resources.
Usually, scope changes as you go along with the methodology. When your client opts to modify the scope of the project you must be able to think fast on how to manage the changes. Learning different approaches in project management methodology will help you stay focus and get ideas and strategies in order to meet the demands of your client.
Project management methodology assists you in breaking down the series of tasks to be performed by your people. You have to determine for yourself the tasks that have to be performed first, on what schedule, the resources needed on each phase and in what order they should be accomplished.
Handling a project seems to be complex. But project management methodology, with its four stages: initiation, planning, execution, and evaluation, will help you see the direct bearing of each element to one another.
Your ability as a project manager is gauged by the quality of project you deliver to your clients. With all contingencies and modifications that may come along the way, your full grasp on methodology will keep you abreast of the solution at hand. This is the secret of being able to deliver the project with delight.