Project Management is a globally recognized practice helping professionals complete projects more effectively and efficiently. Today, several organizations utilize project management, allowing them to focus on the priorities and overcome challenges increasing the probability of their success. However, there's a two-way benefit involved here: Project Management benefits not only the organizations and the business end, but the customers, as well as they, are involved from the beginning to the end.
Some of the interesting topics covered in this article while learning about Project management are:
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Project Management is the application of knowledge, skills, tools, and techniques to perform several tasks to meet project requirements, to make the final deliverables in a finite time and budget. And there are six constraints of Project Management:
Now that we've understood what is project management, what exactly is a project? Let's find out in the following section.
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Project Management Institute (PMI) defines a project as a temporary endeavor undertaken to create a unique product, service, or result. The temporary nature of projects indicates that a project has a definite beginning and end. The project is first defined, and then as the project progresses, more clarity is added to the definition and scope of the project. There are different phases of a project from the time it begins to the time it ends, which constitutes the project life cycle.
Our next topic in our learning on what is project management is the project life cycle.
There are different outcomes at the end of each stage. The phases may be divided as:
After the Project Life cycle, the next essential thing that comes to the rescue is critical focus areas. Project managers are supposed to have in-depth knowledge of the focus areas in Project Management.
Let us take a look at some of the key focus areas to extend our learning on what is project management.
There are 12 key focus areas that enable us to understand what is project management:
After having gone through the project lifecycle and the key focus areas you would've got a stronghold on understanding what is project management. Now let us take a look at the job roles in the field.
There are several job roles in Project Management, some of which are:
1. Project Manager
The Project Manager takes the project according to the plan and plays a lead role in all the steps of project management. The responsibilities of the Project Manager include:
The success ratio of a project depends majorly on the project manager, so the demand for the project manager is rapidly increasing in the market.
Salary trends of a Project Manager can be seen as under:
US: $75,474/yr
India: ₹15,00,000/yr
2. Senior Project Manager
Senior Project Manager is the head of the overall Project Management plan; the role demands in-depth knowledge of all project aspects. The responsibilities of the Senior Project Manager include:
The role of Senior Project Manager is one of the highest paying roles in the industry, having several allowances and bonuses.
Salary trends of a Senior Project Manager can be seen as under:
US: $104,496/yr
India: ₹20,92,000/yr
3. Project Lead
Project Leads are the ones who lead the people throughout the project and provide them with all the information required throughout. The responsibilities of a Project Lead include:
Project Lead makes sure that the project gives the best possible outcome and is hence the demand for a project lead in a company never reduces.
The salary trends for a Project Lead can be seen as under:
US: $82,000/yr
India: ₹1,269,000/yr
4. Resource Manager
Resource Manager is the human resource needed to make the project a success. The responsibilities of a Resource manager include:
The salary trends for a Resource Manager can be seen as under:
US: $64,000/yr
India: ₹966,797/yr
5. Project Management Office Analyst
Project Management Office Analyst works within the PMO and does most of the Data-driven work. The responsibilities of the Project Management Office Analyst include:
The salary trends for a Project Management Office Analyst can be seen as under:
US: $106,253/yr
India: ₹449,337/yr
6. Steering Committee Member
The members of the Steering Committee do not work on the project themselves; they are there to help the Project Manager. The responsibilities of the Steering Committee Member include:
The salary trends for Steering Committee member can be seen as under:
US: $68,497/yr
Now, that we have understood what is project management, let us have a look at the certifications that would help us get one of these project management jobs.
Project Management Professional is the most crucial project management certification which provides one of the highest-paid jobs in the world. Certified managers get 20% more salary than the average salary.
OR
High school diploma with 5 years of Professional PM experience, 7500 hours directing and leading projects, 35 hours of PM education.
Agile Certified Practitioner demonstrates that one has relevant experience and education to handle and lead agile projects. The organizations have started shifting towards agile, which makes this certification amongst the fastest-growing certifications in the world.
CAPM is an entry-level certification started by the Project Management Institute (PMI), especially for the people having less project experience. It intends to demonstrate fundamental knowledge, terminology, and processes of effective project management.
CSM is an entry-level certification that helps the professionals to begin as a Scrum practitioner. CSM is one of the most sought-after certifications as, after this, one can get the designation of Certified ScrumMaster offered by Scrum Alliance.
This process-based method for effective project management started by the UK Government is widely recognized and used in the private sector, both in the UK and internationally.
This concludes our learning about what is project management, the various key focus areas, job roles, and certifications. Project Management certifications like PMP, PRINCE2, CSM are acknowledged all over the world and help project managers get a decent salary hike. According to the PMI Global Survey, project managers with PMP certification earn 20 percent more than the non-certified project managers.
New-age technologies and faster process and project requirements are changing the way professionals handled and managed projects. And 2020 is an exciting time for professionals to acquire the latest project management skills.
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Ishan Gaba is a Research Analyst at Simplilearn. He is proficient in Java Programming, Data Structures, and Project Management. Graduated in Information Technology, Ishan is also passionate about writing and traveling.
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