Project management has long been practised organisations in order to deliver optimal performance in all regards. However, it has been formally adapted only in recent times.
Give it a thought…
What really is project management?
A project is unique, in the sense that it is not routine operation but a set of different operations that are designed to reach a specific goal and it is temporary, with a beginning and an end. Project management is henceforth, the application of knowledge tools, skills and techniques to complete a project (see: PMI).
So haven’t all organisations more or less been doing this all along? Of course they have. But what is it that made them formalise project management as a whole different branch of expertise?
The Success of Project Management Methods
You’ll be surprised to know how much money is wasted each year due to poor project performance all over the world. Organisations are losing an average of £9.7pc - £97m for every £1bn invested. This number is nothing but an indicator of how dire the need for project management is. In fact, in a time when competition is intense in all industries, project management has happened to become a saviour for many organisations that have adapted it though project management models can vary significantly from one organisation to the other.
In a study conducted by students of the Umea School of Business, An Explanatory Study of Organisational Adaptation to Agile Project Management: An Investigation of IT Industry in China , it was found that the IT industry of China was unable to cope with complex business environments using traditional project management and therefore needed to switch to agile project management. That is just one example of the many project management models that impact businesses positively.
It’s getting everywhere…
There is no greater evidence to the success of project management than its widespread in almost all sectors. In a research by the Project Management Institute in 11 different countries, it was found that manufacturing and construction remains to be the top sector to produce project management jobs (see image 1). And that is not it; the health sector of the US shows the biggest percentage increase (17%) in project-oriented jobs for the U.S.
You must be wondering…
How is project management so affective? Here’s all you need to know in order to understand this.
Project management helps strategize resources - In times of recession, intense competitions and lack of resources, project management helps organise the usage of resources in a more efficient manner.
It helps identify the final goals beforehand - When you know the end result, you know where to start better.
It specifies deadlines and time limits - Timelines are of utmost importance to complete the project lifecycles.
Project management thrives on Synergy - Working as a team that is well defined in terms of its roles and duties makes the achievement of goals simpler.
It increases productivity significantly - All the reasons above collectively help in increasing yield, decreasing costs and lowering wastage of resources hence resulting in greater productivity.
Project Management Job Prospects
Moving on, let’s talk about the more important things. So far we’ve known how successful project management is turning out to be. It goes without mentioning that this will result in increased project management-oriented job roles.
There’s a talent gap you could fill.
Despite of the raging popularity of project management, there remains a gap between project-oriented jobs and the people who could assume these roles. By 2027, it is predicted that candidates will have to fill around 2.2 million new jobs in project management! While this huge number is good news for future project managers, it is also worrisome for economy worldwide. In the research conducted by PMI referred to earlier, the 11 countries analysed alone, are at risk of losing £161 billion between 2017-2027.
That being said, the gap is just a projection, which could be combated with if the right steps are taken. The good thing about project management is that it is not industry-specific, i.e. whether it is business and accounts, construction and infrastructure, IT and digital media, project management is a specialisation that exists in each of these industries. Getting a project management qualification is beneficent for almost all sectors.
Start Your Career With Project Management Courses Online
Take a professional project management training online, no matter at what educational level you are and land a more in-demand, highly salaried job with better career prospects.
I understand why people are sometimes doubtful about studying online but trust me, if you want to enter project management, this may be your best bet. You will find thousands of companies these days that widely acknowledge online certifications and diplomas. All you need to do is look for online project management courses that are accredited by renowned institutions and delivered by experts of the field. The experience of e-learning is as good (sometimes even better) as a conventional college, only at lower costs with more convenience.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.