Importance of project management
Project management is in demand across a variety of industries, and that's why there's a demand for project managers. In today's world, regardless of the industry, the project management field has numerous applications.- Why? Companies today are facing fierce competition. They must be able to tackle global threats. In addition, they must address external or internal problems without delay. In order to meet these issues, companies require an organized approach to manage, plan, and organize as well as manage resources (as well as the internal resources) to provide rapid results.
These results must be aligned with the business objectives and requirements of the day. Project managers with solid knowledge of projects are prepared to manage these projects. Additionally, these projects could be of different complexity levels. If you're an experienced project manager or are looking to begin your career in the PMP career this article provides the complete picture. What are the reasons to choose to pursue a career in Project Management in the present day?
What are the next steps for your career in the field of project management track? The readers are encouraged to read this article until the end to see a clear picture of project management's highly sought-after career option that will shape your future.
Project management career – Fact & Figures
- Project management has become a sought-after job path in the present era. A report published by PMI on job growth projected that projects would increase by 1 to 6 million jobs within the next ten years.
- Companies are looking for skilled project managers but there's a huge gap between the number of people with this skill and the available jobs. So opportunities are wide open for those in need of employment.
- By 2027, there'll be a need of filling over 87.7 million Project Management Professional (PMP) roles. This will be a huge job opportunity in the future, including manufacturing & construction, information services & publishing, finance & insurance, and many other sectors.
- In the year 2027, the total number of PM-related jobs will be 8.8 million in the United States and 21.7 million in India. This outcome is achieved through the combination of research undertaken by Anderson Economics Group (AEG) and the predictions of PMI.
- The study says that the average salary of project management-oriented professionals in a specific industry is 82 per cent more than the average salary of non-project-oriented professionals.
I hope by now you understand the benefits of the project manager career path as a rewarding in future than ever.
Why project management is important?
Value addition to the organization on hiring a project manager:
We have seen explosive expansion and globalization over the last decades. Rapid technological advancements as well as external and internal environmental shifts, international competition different requirements for products and services, as well as the new expectations from more educated users and customers than they did before.
These are just some of the things that businesses encounter frequently in the current business.If an organization isn't able to respond in a timely manner to the changes that are occurring, then it places itself at a chance of being in danger.
The organization could lose its existence in the future. Therefore, understanding these dangers and managing them properly to make necessary adjustments is a must. Project managers are responsible to oversee a range of small and complex large-scale projects.
A competent PM professional knows how to spot the risks, and evaluate and manage them during the course of the project. He is adept at implementing the needed changes in a coordinated way. He helps facilitate the changes through the involvement of all participants. In this way, a project manager is an individual who contributes value to the company. He assists organizations in reducing upfront risks. and prepares it for sustainability by ensuring that the organization is able to meet the project's goals.
What does Project Manager do?
Let's go along following bullets to understand more about PM's role and responsibilities:
Project managers plan and schedule projects. They have a clear understanding of what needs to be done in order to move forward on the plans they've made.
We manage our project resources including people while keeping costs to a minimum.
Helping people management is an important aspect of a Project Manager's job. Because Project Managers deal with lots of people. They leave no opportunity to encourage and handhold their project teams and they ensure that their team's efforts should not go unrewarded in the end.
Project managers control cost overrun. They communicate with their stakeholders and communicate when there is any budget variance so that they can plan accordingly to avoid last-minute surprises.
They maintain quality. They make sure that project outcomes meet the needs of stakeholders including end customers and users.
They get to work in different challenging environments, and they learn along the way. They do something new with each project and they will keep their knowledge and experience as organizational assets.
Project managers are responsible for implementing and deploying changes. They take the onus of making certain that the necessary changes have been made until they get incorporated into a standardized process.
They make sure that project methodology and PM knowledge areas are in harmony to get desired project outcome.
Why become a Project Manager?
PM professionals love to maintain a healthy and green lifestyle. With the demand of skilled PM workers, they can provide many opportunities.
PM professionals are benefiting from the challenges that come with managing projects. As per “Project Management Salary Survey – 10th Edition”, the annual salary of a PM Professional in the USA is 120K US Dollars and in India is between 25K and 26K US Dollars. The report also mentions increased salaries for PM professionals in recent years
People management: If you are good at managing people and earning their buy-in, then this profile suits you well. PMs are good at managing stakeholders with various types of leadership styles and generating consensus in meetings.
Take Your Travels Internationally: PM-related profiles give you the opportunity to travel across the globe. You can take leads in multiple projects and make a few new friends.
Remote work is a way of life for many people. There are ways to work from remote locations and still be able to do everything you need in your personal life.
PM jobs are not limited to a particular industry or sector. Besides, the project manager can find his position in different industries. That's why this role gives you an opportunity to work everywhere.
Project Managers act as risk managers. They help organizations to identify potential risks while carrying out a new project. They oversee all the possibilities of risk occurrences. And plan to combat these risks well in advance using their risk management skills. This way they reduce the chances of project failures to a great extent.
Get trained for CEO level: The responsibility and exposure of a project manager & a CEO are very much alike. Because they both manage people. They both are focused on financial outcomes. They both take leadership at times to achieve goals. They both set direction toward goals and communicate to the team their expectations. Hence, we can consider that the PM role is a kind of training for professional success.
PM skills offer people opportunities to learn something new every day. PM skills are a vital asset to organizations, as project managers retain their knowledge throughout their careers and are able to pass it on to others. Project managers know how to capture and manage the knowledge on projects so that they can reap the rewards in future projects.
Why get a certified project manager?
Most of the professionals leading to the PM career path have preconceived beliefs. That is, "PMP certification is not important for pursuing a PM career."
Let me explain that PMP certification is a certification for the PM professionals' suite. The PMP certification ensures competence and understanding that are in line with the needs for PM essentials. The capabilities of PMs who are certified PMPs allow them to aid in the development of the company's plans by executing projects according to plans, schedules and budgets. Effectively implemented and implemented PM principles can enable an organization to gain competitive advantages.
Many companies require PMP certification as a key criterion for hiring PMs.PMI is a PMP certification and is a globally accepted certification.PMI provides the following PM-related certifications:
