The Buzz Around Project Management

Recently, there has been a lot of buzz in the job market around project management. While project managers (PM) have been present in almost every industry for a long time, the title has received a lot of attention with recent outsourcing ventures and large IT projects.

Often handling multi-million dollar projects within tight schedules and pressure, project managers are responsible for a host of activities including organizing resources and tasks within projects and meeting end goals. PMs frequently have hands-on experience in the industry for which they are managing projects and help to coordinate inter-group and multi-division communication and plans.

A dismal 16% of all IT projects are considered to be completed successfully. With increased IT projects being coordinated throughout the world, the need for a lower failure rate is ever-increasing. Project failure consists of going over budget, time, and scope. Project managers help to alleviate these risks by enforcing short-term and long-term deadlines, communicating with all stakeholders involved, and reporting outcomes and costs regularly.

Recently MBA graduates have filled many project management positions in various industries. Their rounded education in finance, process/project management, operations, and strategy make them valuable candidates for companies as well. Additionally, most MBAs have had previous industry experience and therefore can adjust quickly to corporate culture. Without an MBA (sometimes even with one) candidates are generally expected to have either project management experience and/or up-to-date certifications (PMP, Project+, etc).

With increasing IT projects and rising salaries, project management positions have become extremely lucrative. These positions offer a variety of projects and challenges that many professionals may not face in their current jobs. In some ways, project management offers a similar experience to that of a professional changing employers or positions to broaden skills and/or portfolio of experiences.