7 Essential Project Management Skills in 2022
Let’s start with some Did You Know stuff!!
Did You Know?
- The Global Project Management Software Market is projected to reach USD 7 billion by the year 2027 which is a Compound Annual Growth Rate or CAGR of 14.93% within the forecast period of 2019 and 2027 according to a report by maximizemarketresearch.com
- It is expected that there will be around 6% growth in project management job roles by the year 2024
- According to a report by the Project Management Institute(PMI), it is estimated that there will be around 22 million job openings for Project Management Professionals across the world by the year 2027
- There is a massive growth in Project Management worldwide which is clear by the fact that nearly 89% of organizations have some form of the project management office and 50% of them possess more than one
- Project Managers are required in almost every industry, across every sector including IT, finance and banking, media and entertainment, transport, logistics, marketing and retail, eCommerce, healthcare and pharmaceuticals, and many more
The stats show that a career in the project management domain can be rewarding and lucrative. Also, you can choose to land in an industry of your choice as project managers are in demand everywhere.
Many professionals get confused about how to enter into this domain or the ways of upgrading their careers as Project Management Professionals. A one-stop solution is PG in Project management that can help you cross all the barriers at once and grow your career to new heights.
Let’s look at what it means to be a project manager and the most essential skills required to become one.
Who is a Project Manager?
The few terms that describe project managers are organized, goal-oriented, and passionate, according to the PMI (Project Management Institute).
A project manager is the one who plays the lead in the various steps of executing a project including planning, executing, controlling, monitoring, and closing the project. So, a PM is a professional who clearly understands his/her strategic role in the way an organization can learn, succeed, or change.
A Project Manager is referred to as an agent of change by the PMI. As a Project Manager, you are required to utilize your project management skills to look after the projects that drive change and eventually, success.
Top Skills for Project Management in 2022
Since Project Managers can work in any industry, there is a set of skills required to work anywhere. To become a successful PM, you need to develop some hard skills as well as soft skills, specific to this domain. Apart from technical know-how, there are some people skills that you need to work on. Let’s have a look at both of them.
1. Risk Management
What is the first thought that struck your mind on reading this term, ‘risk management’?
This might be the most essential skill required for a Project Manager, isn’t it?
Risk management is defined as the process of making wise decisions that maximize the profits and minimize the cons of your actions in your project. You have to know well about the potential of your project regarding the profit and loss, and also the decisions that can take to either of them.
You should also understand the tolerance of your project such that you don’t have to compromise with the budget or the way it is going to deliver profits.
2. Cost Management
A report states that only 2.5% of businesses complete their projects within the budget successfully. The rest go over budget, over schedule, or even both.
As a project manager, you have to remember that there are budget constraints that you are required to work within. So, you have to take care of going with the budget throughout the project.
The three boundaries of a project are time, cost, and budget, and the cost is regarded as one of the ‘triple constraints’ of a ‘project management triangle’.
So you have to stay within the budget as well as keep on track with time constraints and fulfill the scope without exceeding it.
3. Planning and Forecasting
The most important aspect of project management is skilled planning. You might be required to make guesses regarding the utilization of resources, budget, and timelines. This task may be challenging.
To meet this challenge, you can forecast and use information related to the project to define the scope and estimate the budget and period within which the project can be completed successfully.
4. Tracking and Monitoring
While executing a project, you must know how to track its progress at every phase and keep your fingers on the pulse. Remember that you don’t have to complete a project, instead, you have to come up with a successful project. To improve your performance, you need to develop tracking and monitoring skills so that you can make sure that your projects are going according to the plan while still aligning with broader business objectives.
5. Project Management Methodologies
One of the obvious skills required for efficient project management is a sound knowledge of various project management methodologies and approaches. From Agile to Waterfall, you should be familiar with all of them and should also know the way they work.
You should be able to know how to determine which methodology should be used that best fits your project requirements.
6. Project Management Software
Managing projects with a pen and pile of papers have become the things of the past. Now, we have amazing software for managing projects that automate many tedious tasks thereby improving your efficiency.
But there are so many options that you are required to know some of the common project management tools and also their functionality and features such that you can choose the right one according to the requirements of your project.
7. Subject Matter Expertise
From IT to construction, and everything in between, project managers can work anywhere. While it is not necessary, it would be helpful if you have a basic knowledge of the industry you work in and the type of project you need to work on.
This expertise can help you estimate costs, resources, and timelines more accurately.
Apart from the tech skills, you should possess some soft skills such as excellent communication skills (both verbal and written), leadership, time management, collaboration, and more.
To develop or brush up on these skills you can take up an online training course. Some of these courses, such as that of Simplilearn, guarantee job placement and portfolio building assistance as well.