Explain Project Management Methodology

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Following a specific methodology for managing a project, provides the assurance that the job will be done in time, under budget and on specifications. So project management methodology is a must in order to reduce, if not avoid, risks, and is one of the most critical success factors. It can be similar to a guide that helps the team work efficiently through the processes and tasks of the project and the execution of all the phases from the beginning to the end. In other words Project Management Methodology determines the best way to plan, control and deliver a project throughout the continuous implementation process until successful completion and termination. Typically a methodology provides a skeleton for describing each step and detail of…show more content…
Please explain Project Management tools.

In order to execute a project successfully, a project manager should have available some tools, so he can achieve the project’s goals efficiently. Such tools can be either regular productivity tools or specifically designed for a particular project. The main purpose of these tools is to make the work of the project manager easier and to eliminate the errors during the life-cycle of the project. Some of the most standards tools are presented below:
• The project plan: It contains all the valuable details and aspects off the project such as the project scope. It describes also the strategy that should be followed like what route and methodology should be chosen. Finally the resource allocation and delivery schedule are parts of the plan and have information like the activities being involved or who executes each activity.
• Milestone Schedule: It is absolutely essential for the project manager to keep everything on track so to be aware any time for the major constrains of the project and to able to overview the progress that has been
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Please explain a Project budget

A project budget is a plan for allocating resources. It is the primary financial document that constitutes the necessary funds for implementing the project and producing deliverables. The project budget gives a detailed statement of all the direct and overhead costs required to carry out the project goals and objectives.
The budget is a monitoring and control mechanism which can be used for comparison standard in measuring the difference between the actual and planned use of resources. The intent of a budget is to communicate organizational policy concerning the organization’s goals and priorities.
Project budgets are a reflection of project work and the timing of that work. A comprehensive budget provides management with an understanding of how funds will be utilized and expended over time for projects or operations. However the budget expended is not a measurement of the level of work completed. This means that the budget cannot be divided equally like all activities of the project uses the same amount of resources and therefore measure the progress of the project by just taking into consideration only the budget being used by the time. For example it is not safe to say that half of the project is completed if half of the budget is being expended. So the pattern of expenditure must be detailed in the plan in order not to spread the expenditure equally over the project

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