PROJECT MANAGEMENT

PROJECT MANAGEMENT

Each organization has a mission, and within that mission are individual projects, typically temporary efforts with fixed deadlines. Doing the necessary work to complete these endeavors successfully, and within their cost and time restraints, is called project management. Harder than it sounds, more and more organizations today want their leaders trained in project management at the academic level.

Part One: What is Project Management?

Project management applies specific knowledge, skills and techniques to projects so that the work is done efficiently, and the end product is of the highest quality. The Project Management Institute – the internationally-recognized authority in the field – divides this process into five elements:

• Initiating: The nature and the scope of the endeavor are defined at this stage. To determine this, the project manager analyzes the business’ needs, current status, costs and benefits of the project, as well as stakeholder reaction.
• Planning: The plan does not have to cover every detail, but it will clearly identify the project’s scope, its schedule, resource requirements, an estimate of costs and the budget. Foreseeable risks will also be identified during planning.
• Executing: At this stage, the project manager coordinates resources and people to ensure the project is being properly executed. Stakeholder expectations are managed through the distribution of information.
• Monitoring and Controlling: With ongoing monitoring and evaluation, potential problems, like cost, effort and “scope creep” are identified and remediated with appropriate corrective actions. Necessary changes made to the scope are documented and incorporated into the modified plan.
• Closing: With formal acceptance of completed work, the project closes. All contracts related to the project and completed, settled and formally closed.

To complete each of the these five elements, effective project managers rely on PMI’s nine aspects of project management knowledge:

• Integration: Bringing everything together, this knowledge area considers all aspects of the project during scope and plan development. After that, integration is used in managing the disparate resources, monitoring all project work and integrating changes (and controlling them).
• Cost: This aspect is brought to bear when estimating costs and developing the budget, as well as controlling for overruns.
• Human Resources: During the planning and executing stages, human resource knowledge is needed to identify, acquire and develop the team. Later, this aspect is used in managing project participants.
• Scope: Knowledge of the scope is demonstrated by clearly defining the objectives and limits in the project. Ongoing it is verified and controlled through project completion.
• Quality: Incorporated into planning, quality assurance is performed throughout the execution and monitoring stages of the project.
• Communications: Also incorporated into the plan, information is distributed to stakeholders during the execution stage. Performance is reported and stakeholders are managed with information during the monitoring.
• Time: Activities are defined and sequenced, and their resource needs are identified and estimated during planning. Ongoing, the schedule for each activity is managed.
• Procurement: Contracts, purchases and acquisitions are incorporated into the plan. Contracts are administered and closed prior to the end of the project.
• Risk Management: Risk is identified both quantitatively and qualitatively during planning. Throughout the execution, it is monitored and controlled.

Part Two: Project Management Education

Begun out of necessity for managing large construction operations, project management has emerged in recent years as an academic field. In the 1910s, mechanical engineer Henry Gantt developed his famous chart, incorporating scientific planning and control techniques. At about the same time, Henri Fayol identified the five elements of effective management, essentially identical to those outlined above. Throughout the latter half of the 20th century, more fields began to incorporate project management principles, although typically in the context of general management degrees. Only recently has the discipline emerged as a field in its own right.

Today, project management is recognized as a key component to efficient business operations. As such, those interested in formal education in the field can attain undergraduate and graduate level degrees, as well the following certifications awarded by the Project Management Institute. Each certification requires an exam and varying levels of experience.

• Certified Associate in Project Management (CAPM): This certification demonstrates understanding of the basics of project management knowledge and processes. It was designed as an entry-level credential for those with little experience.
• Project Management Professional (PM): This is the most recognized certification globally, demonstrating the competency necessary to effectively lead projects. Depending on your level of education, this credential requires 4,500 hours of experience and 35 hours of education related to project management.
• Program Management Professional (PgMP): Demonstrating the competence to oversee multiple projects within a program, only the most experienced may attain this certification. At least four years of project management and program management experience is required prior to taking the exam.
• PMI Agile Certified Practitioner (PMI-ACP): This certification recognizes knowledge of the iterative and highly flexible practices and tools of agile management. To sit for this certification test, the candidate must have at least 2,000 hours of project experience, in addition to 1,500 hours of agile project experience.
• PMI Risk Management Professional (PMI-RMP): Professionals with this credential demonstrate competency with assessing and mitigating risk, as well as seizing opportunities. Depending on the highest level of education, candidates must have at least 3,000 hours of project risk management experience and 30 hours of project risk management education before taking the exam.
• PMI Scheduling Professional (PMI-SP): This certification recognizes the combination of education and experience necessary to develop and maintain a project’s schedule; it also demonstrates a basic competence in all areas of project management generally. To obtain this certificate, a candidate must have at least 3,500 hours of project scheduling experience and 30 hours of project scheduling education.
• OPM3 Professional Certification: The highest level of expertise in portfolio, program and project management is recognized with this certification. Professionals with this certification align an organization’s programs and projects with its strategic goals.

To get the necessary hours of education for the above credentials, numerous colleges and universities offer project management courses. In addition, some universities even have project management bachelor’s and master’s degree programs. Here are a few of the most prominent:

• Boston University Distance Education: This master’s of science degree requires successful completion of 12 courses, including six in core management and four in project management. A graduate certificate, requiring completion of only four courses, is also available. For the 2013-2014 academic year, tuition is $780 per graduate credit hour.
• The George Washington University School of Business: This top university offers an MS degree in project management (MSPM) that requires completion of 36 credit hours (approximately 12 classes) and finishes with a capstone course. Regardless of residence, tuition is $1,340 per credit hour, and estimate cost to complete the entire program is about $50,000.
• Penn State World Campus: Through its online program, Penn State offers a 30 credit-hour interdisciplinary masters degree, as well as a 12 credit hour graduate certificate. For either, tuition is $930 per credit hour.
• University of Maryland A. James Clark School of Engineering: This school offers a five-course undergraduate minor, a four-course graduate certificate, two master’s specializations that take between one and two years to complete and even a Ph.D., all in project management. Full-time undergraduate tuition for in-state students was $7,175 in 2012-2013, while graduate tuition was $525 per credit hour.

In addition to these big universities, there are a number of more flexible and affordable online programs:

• Ashford University: A bachelor’s of arts in project management can be completed in 120 credit hours online.
• Colorado Technical University: PMP credentials, bachelor’s of science and master’s of business administration and science are all offered through this online school.
• Keller Graduate School of Management: At a total program cost of just under $35,000, Devry’s MPM program can be completed with 42 credit hours.

Part 3: Project Management Careers

Day-to-day, project managers keep the entire team on task. During the early stages, they establish the project’s plan, identify resources and create a budget and a schedule. As the project progresses, they ensure milestones are met within the budget. While managing changing circumstances, project managers often refine the scope or communicate new information to stakeholders. At the end of the project, they tie up the loose ends, finalize contracts and close the project.

As industries grow more complex, these skills increasingly needed in more and more companies. Job growth in this field is expected to increase by 16% over the next 10 years. According to a recent study by Anderson Economic Group, over one million project management positions will be available each year through 2016. The Project Management Institute (PMI) reports the annual average salary for certified project managers to be $105,000.

According PMI, project managers with certification earn over 12% more than their non-certified counterparts. In fact, those with a PMP for more than two years earn as much as 15% more than their colleagues who lack credentials.

Project management is a vibrant and growing field. But to truly succeed in this innovative profession, organizations are increasingly insisting their leaders possess post-secondary certificates and degrees. Start researching your educational options and begin your career in project management today.

If you are you interested in Contact us