One of the most crucial of Project Management Techniques is precise time estimation. A Project Manager who can estimate time to be used for the entire project can give a relatively accurate estimate of when the project results are to be handed over to the concerned end users or customers. This gives the latter an impression of whether the Project Manager and his team are reliable or not. Profitability is also affected because reliability can influence the pricing of the contract – a project delivered on time will mean more business later on, and maybe the Project Manager can even ask for a better rate for his team and their services.
Differentiating the scheduling of projects into either simple projects or complex projects is another vital Project Management Technique. This is because the Project Manager has to know whether to use a simple or complex management tool. If he uses a management tool that is not applicable, not only does he waste time and energy but may also wind up getting confused as to the results of his computation. This shows the competence of the Project Manager.
The third on our list of Techniques is the Stakeholder Analysis step. It is only by identifying the right stakeholders who will be affected by the project that the Project Manager can assure that he is communicating to the right people the right information. The aim of Stakeholder Analysis is to find out who should be convinced as to the purpose of the project, and how to gain their much-needed support.
As a corollary to Stakeholder Analysis, there is Stakeholder Management as well. In Stakeholder Management, you have the names of the stakeholders listed down, as well as other pertinent information that you should address. These information should include: Problems and Issues related to the Project, Action and Communication undertaken, any required Messages, desired Actions, required Project Role, needed support from stakeholders, and present status of project support.