By using the correct methodology in your approach to completing a project, you increase the odds of delivering the project on time and on budget. The right approach to project management methodology would give you the tools needed to accomplish this task.
The components of managing any project would consist of having a manager with the discipline to carry out a well thought out plan. Organizing and planning of what needs to be done, and the order that it needs to be done, is one of the first steps that is needed. Once you know what you are going to do, then allocating the proper resources to accomplish this task is necessary.
The methodology that is used to complete any project must have an identified path incorporated into its plan. This is necessary to achieve all the goals the project needs so it can be completed. To achieve this in the most cost effective manner, the project manager must integrate the most efficient means of allocating available resources into their plan.
With all businesses today, cost effectiveness is a necessary part of any of their projects. Even the best project that is brought in on time could ruin a company if it is too far over budget. By using the methodology to plan out what will be the most cost effective approach to meet the project’s goals, being in budget can be easier to accomplish.
Most projects are made up of many components. When one of these components is completed, the term “milestone” is sometimes used. In the traditional approach of methodology, there are 5 components, the initiation of the project, followed by planning and design. This leads to executing the plan which then leads to the monitoring ands controlling of the project. At times, more planning and design changes need to be made, if a problem arises. If there are not any problems, then the project can be concluded smoothly as intended.
The right methodology approach to a project can make the difference between a successful project and one that is shelved because of an unforeseen problem that was not taken into account during the planning of the project.