The Dragonwheel shawlette is originally designed for Wollmeise Merino Fingering. As long as you choose this yarn it is a one skein wonder. Of course, you can knit it with any other fingering or even laceweight yarn, but then you might need more than one skein.
Since the Dragonwheel is knitted over the whole width, you won’t be able to make it smaller in case you run out of yarn.
It is a nice project for the advanced knitter as well as the beginner, because you will find all necessary techniques that go beyond knitting and purling explained in photo tutorials at the end of the pattern.