Project Management 101: What You Need to Know

Managing a project is not a very easy task.  It requires a lot of skills and determination to be able to make a project run smoothly and successfully.  The four main things that need to be properly managed in order to have a successful project are resources, money, time and scope.

Equipments, materials and people are the resources that need to be managed.  How many people would you need? What kind of equipment should be bought? And so on…

Money involves the budget that is needed per task.  The cost that will be incurred in buying equipments and tools and those that will be used to pay wages for the people involved in the project.

Time is the duration that is expected to be used from the start until completion of the task.  The project manager may need to consider the complexity of each task and come up with an average estimate.

Scope binds all of the elements of project management 101.  Boundaries should be explicitly defined.  Changes in scope are allowed during the implementation of the project but certain adjustments should also be done with some or all of time, money and resources.  They are dependent on each other.