How is a goal accomplished? How does a team complete tasks? How is consensus built and how are responsibilities fulfilled? Much of this happens through the skill of project management. So you may be wondering: what is project management?
Project management is the management of people, timelines, budgets and tools to bring a goal to completion. It’s slightly different from general management – which includes schedules, teams and work operations – because managing a project includes final deliverables within a very specific timeframe and a limited budget.
When Is a Project Manager Needed?
Any projects that fall outside the norm of day-to-day processes likely require a project manager. It could be growing a business sector with a specific approach, a new construction project, installation of new software, or setting up a new communications tool.
Such projects take planning for each phase and likely pull together a cross-discipline team. Sometimes attention is needed to pull a project together to quickly solve an issue or part of a long-term, major change or improvement.
When an outcome is important, steps need to be taken toward an organizational goal or efficiency is desired, it’s likely it’s time for some project management.
What Are the Steps of Project Management?
Project management often involves kicking off a project, aligning why it’s needed, and outlining what needs to happen. It also requires managing challenges that arise, timelines, and communications with both the team and stakeholders of the project. The order of steps is generally as follows:
- Outlining the need for a project to be completed
- Detailing all requirements of the project – what skills the team needs, what deliverables will be available upon completion, who is involved in review and approvals, what is the deadline, and what other resources are needed
- Securing and aligning funding and allocations
- Creating a thorough plan for the project overall as well as each phase
- Managing risks that develop and changes necessary that are discovered during the project
- Keeping the project on budget and progressing throughout
- Updating stakeholders, reviewers, and approvers at the predetermined stages of the project, particularly before wider rollout and completion.
- Closeout of project and finalization of deliverables
Why Is Project Management Helpful?
Project management can make a big difference in keeping on task, on budget, and helping a team to realize the results for which it is aiming. The background buy-in, planning, and follow-through all require nuance and dedication, as well as solid communication and team leadership.
Quality project management can improve efficiencies, get the best value for the resources being used, and keep stakeholders informed and satisfied. It also increases the likelihood of strong deliverables and goal completion.
How a Project Management MBA Can Help
Coursework for an MBA in project management can prepare you to tackle the many layers of project management success.
You can learn not only core business functions such as microeconomics, data analytics, and financial approaches, but you can also gain skills in leading teams, strategic planning, and design thinking. Risk analysis, planning and resources, and communications for projects are all part of the coursework for an online project management MBA from Concordia University Chicago.
Not only could such coursework and expertise help you manage projects more successfully, but graduates of such programs can find so many job opportunities. A project management MBA is one of the most popular degree types among executives, with industries including construction, engineering, transportation, law, economic development, and real estate all seeking qualified project managers. Those who have a project management MBA earn, on average, between $130,000 and $139,000, according to salary.com.
To learn more about a project management MBA and how it can help you on your career journey, check out the details at Concordia University Chicago!
