It's often said that if you're shooting in fully Manual mode you don't need the EC dial because you can use the camera's meter scale. However, doing it that way requires that you offset the exposure by the right number of segments on the scale, which takes a fair amount of care and attention. Not only that, in any sort of dynamic situation (which will include any camera movement) the metering will be constantly changing so it will be up to you to keep the exposure on target.

On the other hand, using the EC dial to enter an EC value means that you only have to keep the metering centered on the large middle segment, which is visually and mentally simpler and easier.

Simpler than either of these methods is to use M+AutoISO+EC. You dial in the required value of EC and the camera does all of the tracking for you automatically, using its own metering.

A typical methodology would be to decide at the outset whether EC is required (and if so, how much) then decide on an aperture value (which is determined by the required DOF, how far away the intended focus point is and the lens's focal length), then it is a simple matter of playing off shutter speed against ISO (looking for the lowest ISO that you can use while keeping the shutter speed sufficiently fast). The only thing you have to keep an eye on is the ISO bottoming out or maxing out (the same could be said for shutter speed but that's far less likely).

M+AutoISO+EC is simple, intuitive, fast and the least distracting alternative. Plus it builds on skills that you will already be using. The only skill you may need to develop or fine tune is being able to spot when EC will be needed.

In most (but not all) situations, once you've determined the EC requirements they will be unlikely to change suddenly. In most situations the same could be said about the aperture setting, which makes shutter speed the best variable for playing off against ISO.

All of the above depends on your camera being able to provide both EC and Auto ISO while in Manual mode. Not all cameras can (just the good ones ).

I shoot almost exclusively with Program Mode and Exposure Compensation. I first set the exposure compensation to produce the image that appears properly exposed and/or proper highlights or shadow details. This is usually -0.3 exposure compensation about 90% of the time (camera starting point is set there). This can be 0 to 5 seconds depending how long I check the image. Then I check the aperture/shutter ratio to see whether I need to change it to meet the needs of the scene (a single top dial). This can be 0 to 5 seconds more. If I have any doubts whether or not I have covered the highlights or shadow details properly, a rotation of the exposure compensation dial, which surrounds the shutter button, easily takes care of any wanted or needed changes. Most of the time I can easily get off 5 to 10 different exposures in about as many seconds. Or take my time watching the action for needed changes.

In my opinion, Program Mode and Exposure Compensation is the easiest way to control the image. There will be times when tighter control of aperture, shutter, and ISO will be needed and other modes will be a better option. But until they are needed, I will be shooting Program Mode and Exposure Compensation most of the time.