Why now is the perfect time to study Project Management
Successfully managing projects is essential for businesses to introduce new programs that impact business growth. Although Covid-19 has meant some companies have had to delay projects, many are creating new projects to meet customer needs.
According to The Future of Project Management: Global Outlook 2019, 35% of companies completed more than 50 projects in 2018. The report also found 66% of respondents said Project Managers had positive reputations due to the work they delivered. Despite the issues facing businesses due to the pandemic, many companies still see project management as essential. While Covid-19 has impacted many industries, companies are introducing new projects to adapt their operations and delivery models. All this means now is the perfect time to study project management.
What is project management?
Project management refers to using specific skills, knowledge, and tools to deliver a project or program of value to an organisation, such as providing new software for an accounting firm, constructing a large-scale building for a government department, or expanding a product offering into a new location. Projects can be any number of things depending on the industry and organisation. However, the techniques used to manage projects are usually the same regardless of industry.
Project managers are responsible for planning and executing projects. They liaise with a range of stakeholders and keep everyone updated about the project. In addition, they are typically responsible for managing project teams and any issues, overseeing budgets and meeting project deadlines.
Demand for project management
A recent PMI report predicts that between 2017 and 2027, the amount of project management-related jobs available will increase to 574,399. That's an increase of over 9,000 new jobs each year. Job Outlook also predicts a market growth rate of 6.2% over the next five years for project managers.
Due to its diverse scope, skills applicable to project management are transferable to a range of other careers giving you increased job opportunities and security. For example, using project management in construction, manufacturing, customer service, quality assurance, event planning, business analyst, marketing, team leader roles or office managers.
What you can expect to earn as a project manager
A general project manager role averages $130,000 per year in Australia. However, depending on your area of specialisation, location and experience, this figure can vary.
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