VIDEO: The 4 Core Elements of Project Management | Best Professional Strategies

hello project managers I'm Mackenzie and today I'm explaining the four elements of project management even for experienced project managers it's easy to lose sight of the core elements that make up every project which are scope time money and resources these elements tie into one another and together they form the fabric of a project it's all very poetic and understanding what they are and how they interact can help make project managers more efficient regardless of industry or niche first up is scope the project management Institute defines this element as the work required to Output a project deliverable to know the scope of a project you need to know what that deliverable is as well as other goals and requirements and the actions you need to make them happen it's critical to involve project stakeholders from team members to clients when defining scope and crafting a plan this element is considered the most flexible compared to the other four though it's possible to shift resources increase a budget or extend a deadline you're more likely to redefine the project scope more often and because scope depends heavily on the other elements a small issue with one element can snowball into a much larger problem with another or all of them next up is time when starting a new project two of the first things everyone involved wants to know are how long is it going to take and when it needs to be done that's the time element of project management creating and adhering to a schedule can help prevent stress among employees and avoiding missed deadlines will improve client experiences as well if there are any changes to the expected timeline during your project then other elements could be instantly affected for instance changing the set deadline could cause a project team to use more resources than intended and go over the budget managing time well makes it less likely that the other elements of project management and the project success will be negatively affected third and probably the most important among the elements is money without this one all kinds of projects wouldn't happen yes all projects even a third grader's presentation about why they think Legos are the greatest thing ever invented had to spend money on a tri board and yes that third grader was me cash flow goes both ways so the money element of project management can be divided into two categories expenses and revenue both are necessary for a Project's continued existence and eventual completion paying team members and purchasing the tools and materials necessary to complete a project fall into the expenses category as for Revenue any form of income would account such as client paying a team to complete a project you have to carefully balance both categories if you want to cover costs and generate a profit finally there are resources one may automatically assume that this element is about tools and materials but that's not always the case hardware and software can be major resources along with team members project managers in particular are considered vital resources and stakeholders time and money are also sometimes considered resources however their management is typically involved enough to Warrant being considered unique elements anything that provides a during a project can be deemed a resource and failure to effectively manage such resources can create waste wasted time wasted money and wasted materials can all add up to negatively influence a project and that's a wrap on the four elements of project management all are easy to understand but can be more challenging in practice so be cautious when managing any type of project if you want to discover the secrets to managing all four successfully then go read this article but before you go don't forget to click the like icon hit the Subscribe button and visit project dashmanagement.com for all PM Solutions thanks for watching foreign

This transcript was generated automatically from the video's captions and may contain errors.