With 20 percent of global GDP being expended on infrastructure and construction projects, the demand for professionally qualified PMs is set to explode
IN THE NEWLY-EMERGENT competitive global economy, project management is a skillset for which there™s huge and rising demand, given that an estimated 20 percent of the world™s GDP is being expended on infrastructure and construction projects of varying shapes and sizes. And with many project management professionals scheduled to retire in the near future because of ageing populations in developed OECD countries ” which according to the Society for Human Resource Management (SHRM) will impact 64 percent of building and construction corporates worldwide ” the demand for professionally qualified project managers is set to explode.
Simply put, project management entails setting and achieving realistic project completion goals. It requires planning, organisation, and managing people and resources efficiently to achieve targets within set financial and time frames. Unlike specialist managers who supervise functional departments, project managers in effect oversee and co-ordinate the completion of entire projects. For instance, a project manager who™s overseeing the development of a new product or service will be required to supervise marketing, IT, and finance personnel.
Inevitably, project managers (PMs) are pivotal players in industries such as construction, engineering, architecture, manufacturing and real estate. But career opportunities for PMs exist beyond these traditional industries. In the hi-tech, biotech and pharmaceutical industries for example, project managers are discharging responsibilities of launching new products, developing new technologies, and managing collaborative programmes with strategic partners. Moreover, large corporations such as insurance companies and banks are hiring PMs to implement new standards and practices in branch offices, and online businesses are leaning on PMs to oversee website launches and development of new applications.
In short, when a project involves releasing a product, building a new office site or launching a rocket, PMs are called upon to make sure everything comes together within time and cost frames. Towards this end, they need to possess multi-tasking capability, analytical thinking, and excellent communication skills.
Study Programmes
Education qualifications required of project managers vary according to the type of projects in which they specialise. For construction, a civil engineering degree is usually required. High-tech projects need PMs with a degree in electrical or computer science engineering preferably supplemented with postgrad business management education
General programmes apart, diploma programmes of the Project Management Institute (which has an India office) or Prince 2 (Projects in Controlled Environment, version2), UK provide an excellent understanding of the fundamental terminology and processes of effective project management. These diploma programmes are online examinations for which graduates can register at their convenience.
œThe demand for project managers has been rising exponentially in the past decade. Employment opportunities are aplenty in conventional infrastructure and construction companies in which remuneration packages at the entry level range between Rs.7-10 lakh per annum, rising to Rs.10-14 lakh in middle management, and Rs.14-20 lakh at senior levels varying from industry to industry, says Anup Gandhi, manager (global production) of HERE Solutions India Pvt. Ltd, a subsidiary of the telecom giant Nokia.
Professional Profile
A mechanical engineering graduate of Pune University with a postgrad diploma in marketing from IGNOU (Delhi), Gandhi™s first stint in industry was with the Godrej and Boyce Manufacturing Co where he served for four years and subsequently moved on to Datamatics Global Services as a BPO project manager for over a decade before signing up with HERE in 2011.
According to Gandhi, PMs play a critical role in all companies which are evolving and growing rapidly to remain competitive in their areas of business. œIt™s vital for project managers to prioritise and coordinate all activities and communicate the current status to stakeholders. Managing projects with optimal resource usage enables corporates to remain competitive, he says.
Recommending this career option to youth, Gandhi describes it as very exciting and interesting, enabling continuous learning and personal development opportunities. œIt gives you clarity of thought and opportunities to become aware of your strengths and weaknesses, and learn on the job. It™s a career for professionals who like to work in an environment which poses challenges and provides learning opportunities.