Organizations of every industrial sector, be it manufacturing, construction, engineering, automotive, or Information technology, need to execute various projects. Successful execution of the project improves the brand value of the company and helps to win bigger projects. On the contrary, underperforming projects can seriously impact the company’s image. Not only that, but it can also inflict severe monetary losses. One of the recent examples, an Indian construction company survey done by Economic Times reveals that more than 82% of organizations had one or more underperforming projects in the previous financial year. Think about all the projects running in every other sector.
There could be numerous reasons for the failure of a project, it could start from incorrect planning, cost estimation, budget/resource allocation, execution of the project, or simply lack of coordination between stakeholders. So, how can a company ensure that all these steps are being executed properly for various projects running simultaneously? It’s simple, by hiring a good project manager with strong fundamentals, preferably who is PMP certified.
This article will let you understand the responsibilities handled by a project manager, how beneficial it can be if you are seeking a PMP certification in Bangalore, Hyderabad, or any other city in India.
Importance of a Project Manager
While a team is a body that works on a project, it is a project manager who is the brain and heart of the team that guides and keeps them motivated from the start to the end of the project at each stage.
Here are some of the important tasks that a project manager has to handle.
- As mentioned earlier, the project manager is someone accountable for the complete project. His work starts right from scratch. He starts interacting with various stakeholders to understand the project purpose, requirement, and business case. A project charter is then created.
- In the next phase, based on judgment, experience, and requirement, goals are set up. Various methods such as SMART or CLEAR can be followed to create the roadmap that the team could easily understand, follow, and relate.
- Next, a high-level plan including higher-level activity, timelines, resource requirements i.e. manpower, and the cost is decided. Various documents are made available such as project scope, detailed timelines or Gantt chart, milestones, and communication model with stakeholders.
- Risk assessment is conducted, and a risk mitigation plan is prepared to avoid any surprises at a later stage of the project. Wrong planning could result in higher project costs and delays in achieving milestones. It also includes change management plans i.e. if the project scope is changed during the execution phase.
- Execution phase follows the planning phase, this is where major work takes place, after the assignment of the task team starts working on the project, regular status meetings are held with various stakeholder and tracking mechanism is set up to monitor the milestones achieved.
- In the next phase, project managers monitor actual efforts and cost against the project plan i.e. if budget estimations are met and the project is on track.
- A comprehensive project report is made and any deviation in terms of time and budget is communicated to stakeholders.
- After completion, the project manager usually identifies the high performing individual and recognizes them. Small events are held to celebrate and encourage the team involved in the project. A thorough study of the project is finally done to document the learnings.
You can see how many responsibilities a project manager has to handle. That said, a project manager needs to be highly skilled. Some of the important ones include:
- Leadership skills
- Gantt Chart
- Decision Making
- Risk Assessment and Mitigation
- Conflicts Resolution
- Good communication
What is the PMP Certification?
The next big question is how the organization would know that the project manager hired is capable of doing its job effectively. A wrong choice of the project manager would definitely lead to underperforming projects. At first, this looks difficult but the answer is very simple: hire PMP certified professionals. Training and Certification are provided by the global Project Management Institute (PMI®) a non-profit association of experienced project managers that began in 1969. PMI has designed one of the toughest and prestigious certification programs in the world. PMP certified project managers regularly upgrade themselves with the project management best practices followed throughout the world.
PMP test consists of 200 multiple choice questions with four hours duration. PMI members need to pay a fee of USD 405 while non-members need to pay USD 555 as an exam fee. Once certified, project managers require 60 professional development units (PDUs) every three years to maintain their credentials. It can be earned by providing training or attending seminars.
The PMP test is designed to include questions from different phases of the project i.e. Initiation, Planning, Executing, Monitoring and Controlling, and Closure. Candidates should carefully analyze and prepare based on the percentage of questions asked from each phase.
Eligibility requirements for applying for the PMP certification exam:
Candidates must have a four-year degree, three years of experience in leading projects, and 35 hours of project management training/CAPM certification.
OR Candidates must have completed a high school diploma, five years of experience in leading projects, and 35 hours of project management education/CAPM certification.
Salary and Demand In India
PMP Certifications, helps you earn more and improve your earning potential significantly, according to PMI’s Earning Power: Project Management Salary Survey 11th edition. Project managers holding PMP certification get a higher median salary compared to non-PMP holder project managers. However, this increase in median salary varies greatly from country to country.
For example, some countries like Indonesia and the Philippines offer the highest i.e. greater than 80% increase in the median salary. However, for India, the median salary increase is of the order of 12.5%. Further median salary also varies with the position held, project size, and the time one holds the PMP certification.
Almost all sectors such as construction, engineering, manufacturing, etc hire PMP certified project managers. However, a higher number of hires belong to the Information technology sector due to a large number of companies. Popular software companies that hire PMP certified project managers include Capgemini, Cognizant, Cognizant Technology Solutions Corp, HCL Technologies Ltd, Infosys Limited, Accenture Technology Solutions, Wipro Technologies Ltd, IBM, Tata Consultancy Services, Hewlett-Packard. Preferred destinations include all metros and tier1 cities like Bengaluru, Mumbai, Pune, Chennai, Hyderabad, Gurgaon, and New Delhi.
Adding skills apart from PMP certification further helps to improve the annual salary. Skills such as agile project management, extreme project management, Lean Project management, etc. would be added advantages. If you are now inspired to improve your career prospects with a PMP certification, then we recommend you seek a PMP training course and better prepare to achieve it.