Career in Project Management

What is project management?

Project management can be defined as the act of planning, organizing, and managing a project in order to achieve a predefined goal. It involves using established principles, procedures, and policies to guide a project from its inception to its culmination. Abbreviated as PM, project management requires the application of principles and procedures as well as tools and technologies to ensure that a project can be completed in such a way that it meets all predefined outcomes, from spending limits to end-goal objectives.

A project plan is one of the prime components of project management. Its purpose is to effectively and efficiently guide all aspects of a project from its commencement to its conclusion, with the ideal goal of delivering the outcome on time and on budget.

Project management generally involves monitoring teams from multiple functional areas within an organization along with overseeing teams and resources from multiple organizations that are expected to work together for a project in order to accomplish common goals.

Certification in Project Management.

If someone wishes to have a career in project management then a certification in project management would add more value to his / her current portfolio. If someone already has some informal experience in the field of project management, then a certification in the said sector would add more depth to that person’s current skillset. Getting certified in project management is a smart way to demonstrate one’s abilities and distinguish oneself from other candidates.

There are multiple project management certifications present in the market. However, the ones mentioned below are the most well-known.

1.      Project Management Professional (PMP): This is the most popular type of project management certification. It requires more than 30 hours of training. Before taking the final exam, professionals must also spend at least 3 years managing projects and obtain a 4-year college degree.

2.      Certified Associate in Project Management (CAPM):  People who are new to project management sector can pursue a Certified Associate in Project Management certification (CAPM). This certification requires a high school diploma or 2-year college degree, plus at least 23 hours of project management education or 1500 hours of applicable work experience. Ongoing education is required; certificate holders must complete at least 15 Power Distribution Units every 3 years.

3.      Certified Project Management Practitioner (CPMP): The CPMP is ideal choice for professionals with limited time, as it has no prerequisites. However, individuals may find it helpful to attend a 3-day training session before taking the exam.

4.      Certified Project Director: The certified project director program is recognized in professional environments across the world. Training takes at least a few months, and the certificate is valid for 5 years. When it expires, project managers must retake the exam or lose their certification.

Career in Project management

The field of project management does offer some sound and strong career opportunities. With expertise in project management, people from different backgrounds with technical knowledge, financial planning ability, communication skills, leadership qualities, and interest in project management can opt for a variety of jobs. Let’s have a look at a few of them.

1.      Project Managers: Project managers are the professionals who organize, plan and execute projects while keeping the budgets and schedules under consideration. They are responsible for leading teams, defining the objectives of the team, communicating with the stakeholders, and overseeing a project through to its closure.

2.      Marketing Project Managers:  Marketing project managers are responsible for monitoring marketing and advertising-related projects. Their basic responsibilities include planning a campaign, collaborating with the direction of the campaign, and monitoring the team of advertising and marketing professionals.

3.      Project Quality and Performance Managers: Project quality and performance managers use data for decision-making, by setting certain goals and objectives, measuring and reporting the progress toward those goals, and accordingly involving in quality enhancement tasks when the required progress toward those is not being made.

4.      Operations Managers: Operations managers generally monitor the activities related to organizations, non-profit groups, government agencies, and other different organizations. They hire, supervise, and train employees, manage the quality assurance programs, and strategize process enhancements.

5.      IT Consultants: IT consultants work with the computer systems of an organization. They make use of skills in technology and implement them to troubleshoot and design new systems of information technology. Demand for such professionals is on the rise as the technological sector is progressing.

6.      Team Leaders / Team Managers: Team Managers / Team Leaders are responsible for building, maintaining and managing projects. They decide which projects to work on, when to commence and when to finish the project, whom to hire, how to manage the budget of the project, and when to release the final product.

These were a few of the many employment opportunities that come in the project management segment. It does offer a nice paying job however, it also requires a particular skill in order to forge ahead on this career path.

Scope of Project Management

Foreseeing the challenges and risks that may obstruct the completion of a project, the demand for project management is increasing. Because of that project management jobs would become even more popular in the coming future. Several business sectors are in need of project managers for planning, controlling, and monitoring people, processes, and other components required to make your project a success.  

Project management plays a crucial role in a variety of industrial sectors such as helping reduce the cost of operations and managing the big distribution network; helping in cost reduction and looking into quality issues in the defense sector; reducing the risks involved at the time of raising a big construction project; putting up the system as well as the process together in pharmacies, and helping run a project smoothly and successfully in IT and other sectors. Thus, candidates with an interest in project management can explore a variety of industries in the coming future.

Who should study Project Management?

The best way to answer it would be someone looking for good job opportunities in the current era and the near future. The study of project management would add new skills to a person’s skillset and improve the attributes of his / her current skillset. The basic things that one could learn during the project management certification are mentioned below. People who already posses these qualities may feel it as a great opportunity to improve their current skills. 

1.      Business knowledge

2.      Risk analysis skills

3.      Ability to monitor and control budgets

4.      Negotiation skills

5.      Leadership qualities

6.      Communication and soft skills

7.      Management skills

Other benefits that one could derive from studying project management would be various job opportunities, one could easily move with the industrial sector, it also offers decent salary and imparts new skills in the person. People who are interested in the above mentioned thing may consider going for a project management certification. It would help them grow, professionally as well as intellectually.

Salary Survey

From developed to developing countries, salary survey in the project management sector gives an idea in regards to the payscale in the project management.

While surveying, the below mentioned parameters are generally taken under consideration.

1.      Country of employment

2.      Position

3.      Years of work experience

4.      Years worked in project management

5.      Highest formal education

6.      Degree in project management

7.      PMP status

8.      Gender

9.      Department

10.  Industry

11.  Number of employees in entire organization

12.  Average project team size

13.  Project budget

Following are the estimated figures of the amount that people earn in different spheres of PM.

Project Manager: 5,694.39 USD
Marketing Project Manager: 17199.63 USD
Project Quality and Performance Managers: 7495.80 USD
Team Managers / Team Leaders: 10881.00 USD
Operations Managers: 10881.00 USD
IT consultants: 8362.48 USD

The above mentioned figures are just an average estimation calculated after surveying a specific number of people involved in the project management sector. Some figures may vary depending upon a person’s geographical location and other factors.