Project management forms the lion’s share of what helps modern organizations run like a well-oiled machine. So, if you’re wondering – “why study project management?” The simple answer is that it’s a booming career.
Plus, there are more project management roles to fill than qualified people in the field. This talent gap pushes the demand for skilled professionals even higher.
But that’s not all. There are more reasons to study project management. Whether you’re looking to build a career in this field or want to sharpen your managerial skills, this guide will dive into how studying project management in a project management bootcamp can benefit you.
What is Project Management?
PMI.org defines project management as:
“Project management is the use of specific knowledge, skills, tools, and techniques to deliver something of value to people. The development of software for an improved business process, the construction of a building, the relief effort after a natural disaster, the expansion of sales into a new geographic market—these are all examples of projects.”
Project management is the structured approach to completing key project objectives. You can ensure successful outcomes with tactical knowledge, methods, and skills.
When projects have well-defined timelines, sticking to the schedule is necessary. Project Management also involves financial oversight so that the project remains well within the budget constraints.
We can break project management down into five phases:
- Initiation and Discussion
- Reporting and Closing
These phases outline a clear roadmap that people can understand and follow to complete the project on time and successfully.
What Do You Study in a Project Management Degree?
Project management is a multi-faceted field. It can be applied to virtually every sector. Every industry finds some application of it. You will find that many different subjects are covered in this course. Here is a rundown of the major topics a good project management program covers.
Decision-making: Project managers must make informed decisions to ensure project success. This involves critical thinking and problem-solving skills.
Business analytics: Understanding data and analytics is crucial for optimizing project performance and making data-driven decisions.
Accounting: Financial insight is essential to managing project budgets and allocating resources efficiently.
Data Analytics: Leveraging data analytics tools and techniques to extract valuable insights for project improvement.
Project Management Methodology: Learning established project management frameworks like PMI’s PMBOK or Agile methodologies.
Project Management Processes: Understanding the lifecycle of projects, from initiation to closure, and the processes involved at each stage.
Conflict Resolution: Developing skills to manage conflicts and maintain team cohesion.
Human Resources: Managing project teams, including hiring, training, and performance evaluation.
Risk Management: To ensure project success, identify, assess, and mitigate risks.
Communication: Effective communication is vital for coordinating project activities and keeping stakeholders informed.
Actuarial Science: Understanding actuarial principles may be necessary for risk assessment and forecasting, depending on the industry.
Entrepreneurship: Entrepreneurship concepts can be valuable for those involved in innovative projects.
Information Systems: Utilizing technology and information systems to streamline project processes.
Corporate Social Responsibility: Understanding ethical and social responsibilities in project management.
Organizational Development: Nurturing organizational growth and adaptability through projects.
This is how a project management course equips you with the skills needed to tackle industry issues and challenges.
Why Study Project Management, and What Makes Project Management a Promising Career?
Project management is not simply a necessity of the times. It also offers numerous advantages and opportunities. For example, there has been a six percent increase in project management jobs in just one year – from 2022 to 2023, according to the US Bureau of Labor Statistics.
In this section, we’ll explore the compelling reasons why choosing a career in project management can be a smart move.
High Demand for Project Managers
The demand for skilled project managers is on the rise globally. Companies across various industries seek professionals who can efficiently transform concepts into tangible outcomes.
Enrolling in a project management course makes you invaluable to organizations, thanks to the skills you get. In today’s job market, top companies whisk competent project managers away. Hence, it is a great time to delve into project management.
Versatile Skill Set Across Industries
Project management expertise is highly versatile. It has so many applications in different industries. A project management certification in your name opens doors to many industries and sectors. This way, you will be more open to pursuing a career aligned with your passion.
Whether in engineering, construction, finance, law, healthcare, or technology, your project management qualification is valuable.
Lucrative Compensation Packages
Earning potential in project management is enticing. Salaries for project managers vary by sector and experience but often reach substantial figures. For instance, project managers in finance have an average salary of about $78,000 per year, according to Payscale.
While this is the median salary, your income can vary based on your sector, specific projects, employer, qualifications, and experience.
Accelerated Career Advancement
A project management qualification isn’t just a ticket to high-paying jobs; it’s also a catalyst for career advancement. Project management encompasses an array of skills, including leadership and teamwork.
You gain proficiency in managerial and leadership roles with a project management certification. Coupled with a track record of successfully executing high-level projects, you can expect rapid career growth. You’ll find yourself moving into more exciting and higher-paying positions at a faster pace.
Enhanced Productivity and Business Acumen
Project management not only gives you professional skills, but it also gives you a personal boost. Even if you don’t aspire to be a top-tier project manager, project management skills can significantly boost your productivity and business acumen at a personal level. These skills enable you to stay focused and efficient at work.
Whether you’re an entrepreneur or part of a larger organization, you can apply the knowledge from a project management course to improve your professional effectiveness.
Types of Project Management Jobs
If you study project management, it opens the doors to a wide array of career opportunities. Let’s take a quick look into various project management roles, what they do, and the average salary of these roles.
Construction Project Manager
Construction project managers oversee building projects from start to finish. As a project manager, you must manage budgets, coordinate with subcontractors, and ensure compliance with regulations and permits. The average salary for this role is around $92,141 per year.
Marketing Project Manager
Marketing project managers specialize in planning, managing, and executing marketing campaigns. They identify necessary skills and resources, ensure projects stay within budget, and supervise campaign teams. They have an average salary of $65,436, according to Indeed.
Architectural Project Manager
The role of an architectural project manager encompasses leading projects from budgeting to implementation. You must visit construction sites, provide recommendations, procure construction bids, and oversee the entire architectural project. You can expect an average annual salary of $87,526, depending on your experience.
Engineering Project Manager
An engineering project manager must plan, direct, and coordinate the development of new products, designs, and processes. You also lead research and development, create project plans, and manage budgets and staffing. It is a great position with an annual average salary of $101,717.
Systems Project Manager
Systems project managers play a hands-on role in planning, designing, and executing projects, often requiring computer and business operating systems expertise. These roles receive an average annual salary of $99,991.
Electrical Project Manager
Electrical project managers handle large commercial electrical projects. They manage staff, delegate tasks, and oversee the full scope of electrical construction and maintenance projects. It is a lucrative position with an average salary of $97,949 annually.
IT Project Manager
They are tasked with overseeing a company’s IT department, ensuring the realization of IT strategies and successful project completion. They have salaries of an annual average reaching $99,010
While these are only some major roles, you will find it a much-needed skill in many industries. As you consider your career path, these roles serve as valuable starting points for exploring the possibilities of the world of project management.
Enter the Exciting and Rewarding World of Project Management
In a world heavily reliant on effective business processes, the demand for project management skills won’t decline anytime soon. It’s a great time to obtain these skills through an industry-recognized project management certification.
Delivered by Simplilearn in collaboration with the University of Massachusetts, this expert-led program teaches you the essential frameworks, practical tools, and digital skills to manage complex, transformational projects.
Whether you aspire to lead projects in the digital age or enhance your current project management expertise, this program offers a comprehensive learning experience. While you study project management in this course, get hands-on training and scope to apply your learning to real-world scenarios through capstone projects. As a program graduate, you’ll gain a certificate of completion and official UMass Amherst Alumni Association membership, opening doors to invaluable opportunities.