Before we delve into the specifics of project management, we must clear the idea of a project.
A project can be known as a specific task that is allocated to a group of individuals with specific limitations on scope, time, resources, and has a particular objective or goal to reach.
Projects can be of different types. Construction of a bridge is a project, and the marketing of a specific product of a company is a project as well. It can be of varied types and can be of any sector, industry, and any denomination, size, and impact.
A singular objective has to be achieved, and results must be delivered on-time, keeping the financial and other aspects in mind, integrating the whole task into a seamless process. This is what project management is all about.
Project Management: What’s it all about?
By Project management you manage the entire process of completing projects and fulfilling the requirements of a project. It is the use and application of knowledge and the use of specialized techniques to execute project activities.
It is the initiation, planning, control, and execution of various tasks to complete a project within given constraints. It delivers successful results through efficient strategy, tools, coordination, and focus-oriented application of knowledge.
There are various stages of project management. A specific set of skills and knowledge is required for efficient project management. The entire process can be divided into five different categories.
- Initiation
- Planning
- Execution
- Monitoring and Control
- Closing or finalization
There are several skills and technical knowledge required to handle the various aspects of project management while keeping track of the different areas of concern related to a project. Efficient project management requires attention and knowledge in these areas, along with proper execution and planning.
- Scope of the project
- Quality of services
- Time limitation
- Finances
- Workforce and other resources
- Communications
- Risk management techniques
- Integration and coordination
- Procurement
- Stakeholder management
Project management is planned and optimized according to the various needs of a project. It is used to focus on the goals of a project, using the resources and knowledge available, and executing the whole task within the scheduled time and a limited budget.
Project Management: A career path
Various organizations in different sectors have increasingly demanded project management specialization, and professionals are having the skills and experience of project management. This is due to its effectiveness.
It increases organizational competence and helps in the optimal use of resources to bring out the best results, resulting in productive outcomes and smoother business operations.
Project managers are professionals who have skills, knowledge, and technical expertise in the field of project management. They work through goal-oriented strategies and effective planning and implementation for the achievement of project goals, consequently helping in the growth and success of organizations.
Such professionals need to be able to handle the complexity of a dynamic work environment and lead to productive outcomes, by overcoming challenges and managing pressure. They also need to inspire a sense of teamwork and infuse coordination and cooperation within a team to drive them to effective business results.
There are certain sets of skills and qualifications required to become a project manager, along with a list of qualities that needs to be developed and sharpened while pursuing this career.
Educational Qualification
A minimum of a bachelor’s degree is required in management, business, or a related field, while a Master’s degree in a similar domain, or a post-graduate certification and professional credentials.
Along with these, PM certificates for various PM courses are also considered during job hirings. Some project management positions in specific fields like construction or engineering require specialization within that particular sector.
Along with educational qualification, there are several skills needed in a project manager and the ability to perform specific tasks, the most important of them being strong analytical and organizational skills. Along with that, there are other expectations of a project manager.
- Cost and time estimation
- Resource planning
- Planning and defining the scope
- Leadership
- Strategic implementation and influence
- Documentation, monitor and controlling of quality and other factors
- Benefit realization
- Business partnering
While companies of various sectors and industries hire project managers, project management has a diverse and versatile range of career opportunities and placement options, with promising job profiles and high salaries.
The general median range of salary for an entry-level project management jobs is around $90,000, while established project managers earn approximately $105,000 annually. This amount varies with the industry and sector of the organization, and also the country.
The pay for project managers remains at the higher end of the spectrum in countries like Switzerland, the USA, etc. The fee is lower in developing countries like India, Egypt, China, etc.
Project Management Tools
Project management requires the use of technical skills and useful tools for optimal results.
Out of the several essential and useful tools, there are a few must requirements for best work and performance delivery.
- Gantt Chart: This is a famous project management bar chart that tracks tasks over a specified time.
- Logic Network: A Logic Network indicates the sequence of activities in a project over time. It shows the logical succession of events.
- PERT chart: The Program Evaluation and Review Technique are commonly known as PERT, and it’s a model for project management that estimates the time required to complete a specific project along with the requirements of various tasks involved in a project.
- Product Breakdown Structure (PBS): Product Breakdown Structure (PBS) is an exhaustive tree structure of components that determine the delivery of projects.
- Work Breakdown Structure (WBS): It determines the requirements and deliverables to complete a project.
Project management is one of the most dynamic career paths and a diverse field of work that is being widely demanded and utilized in various sectors and industries, with a variety of scopes and opportunities.
