Last Updated on May 6, 2021 by Admin
An ultimate project management career guide for engineers. Project manager’s role, responsibilities, job titles, salary details, and project manager jobs in 2021. Read more to know about the project management career path.
What is Project Management (PM)?
Project management is the practice of leading the work of a team to achieve goals and meet success criteria at a specified time. The primary challenge of PM is to accomplish all of the project goals within the given constraints. PM as a practice is now seen across the globe as a strategic competency, a career path, and a worthwhile investment for training and education.
Project Management Definition
Why Project Management?
If your question, is project management a promising career? or why is project management a good career?
Project management is essential because it ensures what is being delivered is correct and will provide real value against the business opportunity. Every client has strategic goals and the projects that we do for them to advance those goals. Read more to learn about the rewarding career in project management.
PM is about delivering outputs to maximize benefits to an organization. Listed below are some more convincing reasons why we use it.
The most important benefits of project management are;
- Clear Focus and Objectives
- Quality Control
- Control Costs
- Managing Quality
- Risk Management
- Consistent communication
- Effective resource allocation
- Higher productivity
- Improved customer satisfaction
- More flexibility:
- Higher risk tolerance
- Improved morale
- Better planning
- Quality control
- Learning by Experiences
Project Management Principles?
A principle can be defined as an underlying fundamental law or concept. Therefore, project management principles are the basic rules that should be followed to manage projects successfully.
The Project Management Book of Knowledge (PMBOK) does not currently contain an official list of principles for successful projects. However, PMI’s annual pulse survey can help highlight what successful project managers and companies are following. Here are the nine principles of project management:
- Formal project management structure
- Invested and engaged project sponsor
- Clear and objective goals and outcomes
- Documented roles and responsibilities
- Strong change management
- Risk management
- Mature value delivery capabilities
- Performance management baseline
- Communication plan
Types of Project Management or Project Management Methodologies?
Project management methodologies all ultimately accomplish the same thing — a completed project — but with very different approaches and journeys. While there are numerous PM types, there are seven primary ones that get used the most often.
1. Waterfall Project Management
2. Agile Project Management
3. Scrum Project Management
4. Kanban Project Management
5. Lean Project Management
6. Six Sigma Project Management
7. PRINCE2 Project Management
To give you a better idea of when to use each one and what each method brings to the table, Fundera has created this helpful animation on project management methodologies.
Project Management Objectives?
Project objectives are goals, plain and simple. These are the business objectives that you want the project to accomplish. Within PM, it is of utmost importance that a project’s objectives are stated clearly as these will impact every decision in the project lifecycle.
In brief, project management objectives are the successful development of the project’s procedures of initiation, planning, execution, regulation, and closure, as well as the guidance of the project team’s operations towards achieving all the agreed-upon goals within the set scope, time, quality and budget standards.
While preparing the project, look project into the following perspectives. It helps to give a much better understanding of the whole process.
- The successful development and implementation of all project procedures.
- Productive guidance, efficient communication, and qualified supervision of the project’s team.
- The achievement of the project’s main goal within the given constraints. The most
- Optimization of the necessary allocated inputs
- Production of a complete project which follows the client’s exclusive needs and objectives.
- How does the project fit into the organization?
- How will the project evolve?
- What skills are required to manage the project successfully?
What Are Project Management Techniques?
Project management techniques have helped change the way project managers tackle different projects. Using a specific method can help you finish a task more easily. Here are nine project management techniques to help any project manager complete their next project.
Project management techniques make managing projects more accessible and more effective. They can be applied to any project, regardless of the field or industry. And used in tandem with PM software, they help save time and reduce costs.
There are many techniques to choose from. Here are the best that every project manager should know to control their projects and steer them to successful ends.
- Classic technique
- Agile Project Management
- Work Breakdown Structure (WBS)
- Gantt Chart
- Process-Based Project Management
- Traditional Project Management
- Extreme Project Management (XPM)
- Critical Chain Project Management
- Required Path Method (CPM)
- Project Management
- PERT (Program Evaluation and Review Technique) Project Management
- Rational Unified Process (RUP)
- Waterfall/ Linear Project Management
What Is Project Management Body Of Knowledge (PMBOK)?
PMBOK stands for Project Management Body of Knowledge. It is the entire collection of processes, best practices, terminologies, and guidelines accepted as standards within the project management industry.
Because the body of knowledge is constantly growing as practitioners discover new methods or best practices, it must be updated and disseminated.
This is an effort that is overseen by the Project Management Institute (PMI), the global not-for-profit member association of PM professionals that captures and publishes the PMBOK within the book, A Guide to the Project Management Body of Knowledge (PMBOK Guide).
The first edition of the PMBOK Guide was published in 1996. It is now in its sixth edition, which was published in 2017.
A guide to the Project Management Body of Knowledge (PMBOK guide)
What Is Project Management Network Diagram?
A Project Network diagram is one of the many ways to represent the project schedule. It is the most powerful way to analyze logical relationships between different activities and milestones.
These are used for developing a project management schedule and are also called Project Schedule Network Diagrams or Logical Network Diagrams.
Some of the other popular methods to represent the project schedule are:
- Bar Charts (popularly known as Gantt Charts)
- Milestone Charts
- Project Calendars
Project Manager Vs. Product Manager
Product managers drive the development of products. They prioritize initiatives and make strategic decisions about what gets built. They are often considered to be the CEO of a product line. On the other hand, project managers often oversee the execution of plans that have already been developed and approved.
It’s common for people to confuse product managers and project managers, even within industries, like software, that employ both. Just ask any product manager (PM) or project manager (also PM), and they’ll tell you they’ve been referred to like the other more times than they can count. But the responsibilities are very different.
What are the PHASES of project management LIFECYCLE?
Project managers seeking to understand their process and work according to best practices are often guided by the PMI standards of practice, which outlines the project management life cycle.
The life cycle of any project can get confusing. There are a lot of activities going on in different phases of a project. Plus, those phases tend to overlap.
This is where many people might get confused. To clarify, we first need to explain the difference between the delivery process and the PM process.
The delivery process is what your team members are primarily engaged in. Usually, that’s the nuts and bolts of the project in action. That’s distinct from the project manager’s process for running a project from start to finish. That’s called the PM life cycle, outlined in PMI’s Project Manager’s Body of Knowledge (PMBOK®).
Project Management Career
Is Project Manager A Good Career Option?
Why project management as a career option? If you are good with team management and know-how to assess time spent on a certain task and know how to find effective decisions for any problem that appears, you should definitely give it a try to PM. Project management jobs are highly in demand in 2021, and careers in project management are the best option for new engineering graduates.
A project manager is high in demand in various industries. Businesses today face aggressive competition so, they need a structured approach to plan, organize, control, and manage their resources (& internal capabilities) to deliver timely results. And these results should be aligned to business goals and the latest business challenges.
The recent PMI report on PMP job growth Project management – Job Growth and Talent gap, 2017 – 2027 Project management career path has become a lucrative option in the present dynamic business environment.
Some of the best reasons why to choose a project management career option include:
- By 2027, there’ll be a need to fill breakthrough 87.7 million PMP roles due to increased demand along with high attrition (because of many retirements). There will be a huge job opportunity for a PM role in the coming future in various sectors, including manufacturing & construction, Information services & publishing, finance & insurance, management & professional services, utilities, among others.
- As per the research conducted by Anderson Economic Group (AEG) in conjunction with PMI, there will be an increase to 8.8 million PM-related jobs in the year 2027 from 6.7 million jobs in 2017 in the United States. In India, this figure soars from 14.7 million to 21.7 million in the year 2027 over a period of 10 years. This research expects PM-related job growth of 33 percent.
- The demand for project managers is high. The Project Management Institute (PMI)® expects to see 22 million new project management job openings through 2027.
- Project managers are needed in a wide variety of industries. Although quite common in the construction and IT field, project-oriented work is also common in business services, oil and gas, finance and insurance, manufacturing, and utility industries worldwide.
- Salaries for project managers are highly competitive. According to salary.com, the average Project Manager salary in the United States is $93,158, and in India, it is INR 12 21, 402 as of June 2020.
- There are plenty of opportunities for advancement. Highly experienced, specialized, certified project managers can expect to see double the entry-level salary—or more.
- Project managers are always learning. For those who embrace change and love seeing what’s new, project managers must be ready to regularly refresh their knowledge of process and structure, new markets, technology, products and services, and customers.
Project Manager Job Description
Project Manager Jobs Tiles
The following are various types of project managers in the various industry segments.
- Architectural project manager
- Construction project manager
- Engineering project manager
- Insurance claim project manager
- IT Project Manager
- Software project manager
- IT infrastructure project manager
The following are the various job titles in project management.
- Project Manager
- Project Expediter
- Project Coordinator
- Operations Manager
- Transition Manager
- Operations & Startup Manager
- Project Director
- Program Manager
- Portfolio Manager
- Delivery Manager
- PMO Manager
- Project Leader
- Project Administrator
- Project Support Officer
- Project/ PMO Analyst
- PMO Specialist
- PMO Manager
- Project Planner
- Project Controller
- Document Controller
What Does A Project Manager Do?
Project Managers are accountable for masterminding, outlining, and developing projects. They design the project goals and success markers, determine how success will be measured and tracked.
The following are the various tasks project managers need to do daily.
- Decides which skill sets are required for the project
- Sets the budget for the work
- Leads meetings to track the project’s progress
- Sets the scheduled time frame for the project and all subprojects
- Communicating with team members
- Communicating with key stakeholders
- Issue identification and resolution
- Team-building – To Mentor, motivate and supervise project team members
- Reports on progress to stakeholders
- Manages the culture of the team and organization
- Direct all project management phases
- Coordinate and track various projects through an entire project lifecycle
- Create and continuously update the project documentation
- Create accurate forecasts for revenue and resource requirements
- partner with all departments to ensure work is done according to demands
- Align various teams to maintain the quality of deliverables
- Report and escalate issues to management when necessary
- Continuously follow up on the progress, risks, and opportunities of the project
- Focus on customer satisfaction
- Manage projects through KPIs
- Measure project performance using appropriate systems, tools, and techniques
- Evaluate team performance
What Are The Roles And Responsibilities Of A Project Manager?
What is the role of a project manager? The PMI describes the role of the project manager as that of a change agent: someone who “makes project goals their own and uses their skills and expertise to inspire a sense of shared purpose within the project team.”
What are the responsibilities of a project manager? The following are the main role and responsibilities of a project manager include.
Planning: A project manager is responsible for formulating a plan to meet the project’s objectives while adhering to an approved budget and timeline.
Leading: An essential part of any project manager’s role is to assemble and lead the project team. This requires excellent communication, people, and leadership skills, as well as a keen eye for others’ strengths and weaknesses.
Once the team has been created, the project manager assigns tasks, sets deadlines, provides necessary resources, and regularly meets the members. An ability to speak openly and frequently with all stakeholders is critical.
Execution: The project manager will supervise the successful execution of each stage of the project. Again, this requires frequent, open communication with the project team members and stakeholders.
Time management: Staying on schedule is crucial to the successful completion of any project. Time management is, therefore, one of the key responsibilities of a project manager.
When derailments arise, project managers are responsible for resolving them and communicating effectively with team members and other stakeholders to ensure the project gets back on track.
Budget: Project managers are tasked with devising a budget for a project and then sticking to it as closely as possible. If certain pieces of the project end up costing more (or, in a perfect world, less) than anticipated, project managers will be responsible for moderating the spend and re-allocating funds when necessary.
Documentation: A project manager must come up with effective ways to measure and analyze the project’s progress to ensure it is developing as planned. A couple of common strategies for documenting a project include data collection and verbal and written status reports.
Further, it is a project manager’s job to ensure that all relevant actions are approved and signed off on and that these documents are archived for future reference.
Maintenance: Just because a project has been completed doesn’t mean the work ends. There needs to be a plan for ongoing maintenance and troubleshooting.
That’s where a project manager comes in: He or she will devise methods for properly supporting the final deliverable going forward, even if he or she is not directly overseeing the day-to-day operations of the initiative.
Managing reports and necessary documentation: Finally, experienced project managers know how essential final reports and proper documentation are. Good project managers can present comprehensive reports documenting that all project requirements were fulfilled and the projects’ history, including what was done, who was involved, and what could be done better in the future.
How To Become A Project Manager?
Project managers often hold a bachelor’s degree in management, business, or a related field and professional certification and extensive related experience. Some project managers obtain a post-graduate certificate or a master’s degree in project management.
Project Manager Qualifications
- Full-time bachelor’s or Masters’ Degree In Engineering and Technology.
- At least 5 years experience For Engineering Degree Holder
- Familiarity with Project Management Practices and Tools
- PMP Certification (For Better Positioning)
- Technical skills, Problem-solving, Management skills, Commercial awareness
- Advanced time management and analytical skills
- Working knowledge of Microsoft Excel and Project Management Software and apps.
- Excellent client-facing communication skills
Possess personnel management, time management, monitoring, critical thinking, inductive reasoning, and information ordering skills; strong communication, analytical, decision-making, and leadership skills; able to use enterprise resource planning software, database user interface and query software, PM software, and pattern design software; able to conduct systems analysis.
Project Manager Career Path
The specific job descriptions for each of these above profiles can vary from company to company. Still, the foundational PM skills you’ll gain are transferable between companies and even entirely different industries.
Where To Learn Project Management?
Here’s are some top eLearning websites where you can find various free online project management courses to learn. Check these online platforms offering various training to make a tour project management career.
Top Project Management Certifications
About 97% of organizations believe that good knowledge of project management is critical to organizational success. Unfortunately, barely over half of the project managers are certified and skilled in their tenure and career in the PM domain.
In 2021 and beyond, project management certifications can massively help you advance in your career. Not only do organizations prefer to recruit certified professionals, but they also get to better projects in the future.
- Project Management Professional (PMP)
- Program Management Professional (PgMP)
- Portfolio Management Professional (PfMP)
- Certified Associate in Project Management (CAPM)
- PMI Professional in Business Analysis (PMI-PBA)
- PMI Agile Certified Practitioner (PMI-ACP)
- PMI Risk Management Professional (PMI-RMP)
- PMI Scheduling Professional (PMI-SP)
- Project Management in IT Security (PMITS)
- Professional in Project Management (PPM)
- PRINCE2 Foundation/PRINCE2 Practitioner
- Master Project Manager (MPM)
- CompTIA Project+ Certification
- Associate in Project Management (APM)
- Certified ScrumMaster (CSM)
- Certified Project Manager (CPM)
- Certified Project Management Practitioner (CPMP)
- Certified Project Director (CPD)
For complete information about these certifications, kindly check https://www.pmi.org/certifications.
You might be interested in reading this excellent article on All You Want To Know About PMP Certification In 2021.
Project Manager Salary
The following are the project manager salary details as of June 2020.
Salary For PMP Certified Professionals
The Average Salary In the USA for PMP: $106,000
The Average Salary In India For PMP: INR 2,000,000 (20 Lakhs)
Salary for non-certified Project Manager
The Average Salary In the USA for PMP: $93,158
The Average Salary In India For PMP: INR 12,21,402 (12.2 Lakhs)
If you are looking for better career opportunities in 2021, after your degree in engineering, try to consider the project management career and get into any of the project management job profiles listed above. Project managers are always in demand. Irrespective of the industry, qualified professionals are always needed to plan and provision the work.
Due to a widening gap between the need for skilled project managers & their availability across the globe. Employers and organizations are looking for experienced PM professionals. It allows you to fit yourself in their requirements.