What do you Need to Know About Project Management?

Before diving into the arena of Project Management, let us have a peek into some powerful stats regarding the field of project management, which is a domain that many IT professionals wish to enter. 

Fast Facts:

• According to a report by maximizemarketresearch.com, the global Project Management Software Market is projected to reach USD 7 billion by the year 2027 between the forecast period 2019 to 2027, which is a CAGR (Compound Annual Growth Rate) of a whopping 14.93%

• Research reveals that recruiters will be required to fill around 2.2 million new job roles in project management through 2027

• Another report states that there is a 6% growth expected in job roles in Project Management profiles by 2024

• A report by PMI states that there will be 22 million project-oriented job roles by the year 2027
  

• Significant project management hiring companies include Oracle, Amazon, Wells Fargo, Microsoft, IBM, Apple, Google, and many more
  

• The average annual salary of a project manager, according to Glassdoor, is around INR 14 lacs and may go as high as INR 24 Lacs

These powerful stats make it clear that making a career in project management can be rewarding and enable you to earn lucrative packages. This is why many IT professionals look for top project management certification courses to advance their careers in this domain. 

This article will let you know everything about Project Management. 

What is Project Management?

Before moving toward project management, let us first define a project. 

A project is essentially a temporary effort to create value with the help of unique services, products, and processes. While some projects are meant to resolve problems quickly, others don't really need significant improvements external to project management.

Here, you can notice the term ‘temporary’ in the definition of a project. This clearly implies that a project has a definite beginning as well as an end. So, every project has a specific timeline, resources, and scope. 

Additionally, the main objective of a project is to create a unique product or service which brings it to the desired result. This implies that a project is initiated to attain a specified goal which is al fresco to the realm of typical and routine business operations. 

Some projects are a blend of these aspects, which may include the construction of public highways, planning efforts for disaster relief, or developing software. 

Project Management is the process of organizing, deploying as well as orchestrating resources of an organization to complete a project successfully. These company resources include the finances, timelines, team members, personnel, technical requirements, types of equipment, etc. 

The main components of a project include:

• Goal or objective: this defines the end result you want to achieve

• Budget: it defines the budget constraints within which the results are to be attained

• Stakeholders: this defines major players who are connected with the project

• Timeline: this defines the time constraints or the deadline by which you have to accomplish the project

• Project Manager: a professional who makes sure that the project is progressing on the right track toward successful closure

Understanding project management requires you to identify the problem, make a plan to solve the problem, and then execute the plan strategically until the problem is solved, and also ensure consistent maintenance of the project even after closure.

The project management domain is consistently evolving and has entered a highly competitive landscape where there is a strong need to deliver top-quality services or products with the help of trending technologies, including automation, Artificial Intelligence, etc. 

Stages of Project Management

The five main phases of project management include:

• Initiation: in this phase, you define the main goal of the project

• Planning: in this phase, you develop a roadmap for team members to follow

• Execution: in this phase, the tasks are actually executed as planned in the previous phase in order to create the deliverables

• Monitoring: this phase includes the monitoring of the progress of the project and making sure that the right track is being followed

• Closure: Once the project is over, an assessment is conducted, and another team is given the project to manage

What does a Project Manager Do?

A Project Manager is responsible for all five phases of project management from initiation to the successful closure of the project. Here are some important responsibilities that you are required to fulfill as a project manager.

• Make a Plan: you will be the one making the main plot for the realistic course of action for the project. This should include the scope, budget, and timeline of the project and defining the right tools to execute the tasks 
  

• Assemble your team: this includes identifying the right professionals on the basis of the scope of the project and functions required to bring it to successful closure
  

• Assign the tasks: you have to provide the team with a proper definition of important tasks and a timeline for every chunk of the project
  

• Lead the team: once the team is assembled and the tasks are assigned, you have to lead the team by checking the status updates, finding and clearing the roadblocks, keeping the team morale elevated, arranging disagreements, and mentoring the teams
  

• Managing the budget constraints

• Managing time constraints

• Captivating the stakeholders

• Handing over the project to the concerned stakeholders, clients, or end users

• Documenting the processes of the project

Project Manager Certifications

To advance in the field of project management, the best way is to acquire certain certifications that serve as a testimonial of your skills, knowledge, experience, and expertise in leading projects successfully. Below is a list of some of the most sought-after certifications that you can pursue career advancement in this domain. 

• Project Management Professional (PMP)

• Associate in Project Management

• Certified Associate in Project Management (CAPM)

• Certified Project Director (CPD)

• Certified Project Manager (IAPM)

• Certifies Project Director (CPD)

• Certified Scrum Master (CSM)

• CompTIA Project+ Certification

• PRINCE2 Foundation/ PRINCE2 Practitioner

• Professional in Project Management (PPM)

• Major Project Manager (MPM)

Conclusion

Out of all certifications listed above, PMP is considered the gold standard among project managers across the world. In order to acquire this certification, you can take up an online training course from an accredited institute such as Simplilearn. 

Enroll Yourself Now!!