Project management skills and expertise are in demand globally, and earning potential remains promising. The Project Management Institute (PMI)regularly runs a salary survey to find out what kind of salary project managers draw across industries and across geographies. This is probably one of the most comprehensive salary surveys conducted for any job type. Earning Power: Project Management Salary Survey—Eleventh Edition (2020), the latest salary survey from the Project Management Institute (PMI) equips practitioners with the most comprehensive view of project managers’ earnings from 42 countries around the world. Greater awareness of how skill level, experience and certifications impact salary can give practitioners considerable earning power in a dynamic job market. And this critical data can help recruiters, human resources and compensation professionals establish fair and equitable salaries for project management roles within their organizations. Some of the data you will discover in this PMI report might surprise you. In this article, we give you the complete lowdown on the findings of the survey.Data gathered The scale of the PMI salary survey is vast: over 32,000+ project managers across industries and verticals, across the globe. This sample size is a good representative of the population and provides a realistic representation of salary figures. Quite a wide variety of information is collected by PMI’s team – position, years of PM experience, highest formal education, degree in project management, PMP® status, training per year, type of project, avg team size, project budget, and many more – from the sample size from each of the 42 countries. The report is of about 360 pages long, with quite a detailed information segregated by countries.One can thus slice and dice the figures to extract an amazing amount of insights into how project management in general and PMP certification can impact the salary of employees across industries, verticals, positions, and geographies. The top3 countries The top 3 countries on median salary figures were: Switzerland ($132,086) United States ($116,000) Australia ($101,381)The verdict “There’s never been a better time to be a project manager”, states the PMI Salary Survey, Eleventh Edition (2020).But what the report truly indicates is that there has never been a better time to be a PMP® certified project manager. The final verdict? Here it is: Respondents with PMP® certification report 22% higher median salaries than those without PMP® certification. Project Manager salary ranges Candidates with a PMP certification are prioritized over non-certified candidates. They are also more likely to get better compensation. However, the median salary depends on several factors such as their country of residence, years of experience, position or role and the average size of projects managed, including average project budget and average project team size. Project Manager salaries by countryCountriesMedian SalaryUSA$116,000India$28,750Singapore$71,279Hong Kong$76,607United Arab Emirates$81,665Project Manager salaries by years of experienceYearsUSAIndiaSingaporeHong KongUnited Arab Emirates<3 years$83,000$21,563$21,563$51,855$48,9993–<5 years$90,000$22,389$54,559$57,456$65,3325–<10 years$103,407$25,875$65,999$69,968$70,77610–<15 years$120,000$32,894$77,366$96,490$94,97215–<20 years$126,690$35,938$91,666$99,590$114,33020+ years$135,000$51,750$100,466$98,568$133,658Project Manager salaries by position or roleRolesUSAIndiaSingaporeHong KongUnited Arab EmiratesDirector of PM/PMO$144,000$46,000$108,899$127,679$130,663Portfolio Manager$138,000$37,375$114,399$109,896$130,663Program Manager$125,000$33,063$87,999$95,759$99,543Project Manager III$115,000$28,750$76,727$89,375$97,997Project Manager II$100,000$25,875$67,268$76,607$72,001Project Manager I$87,360$20,772$52,799$57,073$60,910Project Manager Specialist$92,221$17,250$45,613$63,201$65,332Project Manager Consultant$120,000$21,563$67,466$68,947$81,665Interactive salary tool A quick and interesting way of getting a sense of how the PM salary varies across countries is through an interactive map PMI has provided. Click on the image below to see this yourself (opens in a new window, then hover the mouse over any country to know the rank and annual median salary in USD) –Click to open the interactive salary mapHighest paying industries There is a lot of money to be made in project management. But which industries pay the most?According to the PMI report, the highest paying industries for project management are: AerospaceBusiness services Construction Consulting Engineering Financial services Food and beverage Government Healthcare Information technology Insurance Legal Manufacturing Pharmaceuticals Real estate Let us take a closer look at the top three highest-paying job markets for PMP-certified project managers, along with the average U.S. salary, a brief overview of the job responsibilities, and pros and cons of the role. Engineering Project Management professional Average U.S. salary: $124,434 Engineers are some of the smartest people on the planet, but they can sometimes get caught up in the minutiae and lose sight of the big picture. An engineering project management professional keeps engineers focused on completing the task at hand for project success. Aerospace Project Management professional Average U.S. salary: $129,732 Aerospace PM works with engineers and designers to make sure new aircraft is delivered on time and on budget. Focus areas include risk management and quality control. A successful project means overseeing proposals leading to the development of new aircraft and aerospace systems. Pharmaceutical Project Management professional Average U.S. salary: $133,246 Globally, the pharmaceutical industry is expected to breach $1.1 trillion in sales by 2022. So it’s no wonder that pharmaceutical project management professionals earn one of the top five salaries among PMPs. Consulting Project Management professional Average U.S. salary: $134,149 A consulting project manager is the chameleon of the project management universe. The consulting PM could work with environmental engineers one month and sales managers the next. A consulting project manager’s goal depends on the industry of the company they are working with on a case-to-case basis. In general, the goal is to furnish industry expertise and advanced knowledge to the client so that they can be successful in their project. Resources Project Management professional Average U.S. salary: $134,577 Resources PMs work with farmers, mining, and oil companies to make the process of extracting and growing natural resources as efficient as possible by eliminating waste and improving communication. A successful project means overseeing the procurement of natural resources for efficient delivery to end consumers. A program project manager has an average salary of $79,709. They are responsible for handling projects in areas like software design, development, user interface, etc. Skills that will help you earn more According to the survey, here are the key skills thatyou should develop to boost your project management earning power: Leadership Even though this is not the latest skill, it is one of the most important ones for becoming a program project manager. As you will be overseeing several people throughout the project, you must be able to manage them for ensuring that the project completes on time and budget. Strategic Project Management One of the main parts of Project Management is to manage a project strategically. It is more than just getting a project done. A project manager should have the planning and foresight to complete the project efficiently. Budget Management When a company creates new products or implements new strategies, it comes with a cost. It is the responsibility of the project manager to manage the budget. Program Management This includes managing multiple projects at the same time with the goal of improving the overall performance and efficiency of the company. What does all this mean for you? What all this boils down to is that if you are not already PMP® certified, you could be leaving 22% of your salary on the table right now. What does about 20% of your annual salary means for you? Whatever your CTC is (cost to the company) currently, remove the last zero and double the amount – that is how much you are losing now by NOT being PMP certified. If that does not make you to want to get PMP® certified, know that in 2021 the PMP® exam gets 40% more syllabus, and about 3 more types of questions (in addition to MCQ) added – making it one of the hardest (as if it is not already) exams to crack. The good news! The best time to plant a tree was 20 years ago. The second-best time is now. – Chinese proverb If you are worried about not being prepared for PMP®, here is the good news.Even if you are yet to start preparing for PMP®, you can get started now and within next 8 to 10 weeks you are sure to walk out with a PMP® certification in hand. Based on years of PMP® coaching experience, here is a 4-part blueprint to your PMP® exam success in the shortest possible time frame with most confidence. Part 1: Enroll yourself in a credible PMP training program Assess the training provider on all essential aspects. What knowledge and experience do the instructors have? What do the past participants say about the course: the good, bad, the ugly? Do you get a copy of the PMBoK? What support you get after the class? How do you know if your preparation is sufficient to take the exam? Do you get any PMP Question Bank to practice and assess yourself? Part 2: Identify your learning style and choose study resources accordingly. Limiting your study resources to the top three, keeping PMBOK as the third one (as many as 80% questions may appear from PMBOK). Choose the remaining 2 study resources based on just one criterion – you must enjoy learning from them! Part 3: Create a study plan based on what has worked for top performers Create a study plan based on study strategies and techniques that top performers have adopted Part 4: Get a mentor orguide, or join a study group Get a mentor or guide or join a close-knit study group that will guide you consistently. Part 5: Study daily and consistently For PMP® success, study momentum is the most crucial aspect. Study every single day!
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Project Manager Salary Guide 2020
Project management skills and expertise are in demand globally, and earning potential remains promising. The Project Management Institute (PMI)regularly runs a salary survey to find out what kind of salary project managers draw across industries and across geographies. This is probably one of the most comprehensive salary surveys conducted for any job type. Earning Power: Project Management Salary Survey—Eleventh Edition (2020), the latest salary survey from the Project Management Institute (PMI) equips practitioners with the most comprehensive view of project managers’ earnings from 42 countries around the world. Greater awareness of how skill level, experience and certifications impact salary can give practitioners considerable earning power in a dynamic job market. And this critical data can help recruiters, human resources and compensation professionals establish fair and equitable salaries for project management roles within their organizations. Some of the data you will discover in this PMI report might surprise you. In this article, we give you the complete lowdown on the findings of the survey.Data gathered The scale of the PMI salary survey is vast: over 32,000+ project managers across industries and verticals, across the globe. This sample size is a good representative of the population and provides a realistic representation of salary figures. Quite a wide variety of information is collected by PMI’s team – position, years of PM experience, highest formal education, degree in project management, PMP® status, training per year, type of project, avg team size, project budget, and many more – from the sample size from each of the 42 countries. The report is of about 360 pages long, with quite a detailed information segregated by countries.One can thus slice and dice the figures to extract an amazing amount of insights into how project management in general and PMP certification can impact the salary of employees across industries, verticals, positions, and geographies. The top3 countries The top 3 countries on median salary figures were: Switzerland ($132,086) United States ($116,000) Australia ($101,381)The verdict “There’s never been a better time to be a project manager”, states the PMI Salary Survey, Eleventh Edition (2020).But what the report truly indicates is that there has never been a better time to be a PMP® certified project manager. The final verdict? Here it is: Respondents with PMP® certification report 22% higher median salaries than those without PMP® certification. Project Manager salary ranges Candidates with a PMP certification are prioritized over non-certified candidates. They are also more likely to get better compensation. However, the median salary depends on several factors such as their country of residence, years of experience, position or role and the average size of projects managed, including average project budget and average project team size. Project Manager salaries by countryCountriesMedian SalaryUSA$116,000India$28,750Singapore$71,279Hong Kong$76,607United Arab Emirates$81,665Project Manager salaries by years of experienceYearsUSAIndiaSingaporeHong KongUnited Arab Emirates
Project management skills and expertise are in dem...
Lessons in Project Management from the COVID-19 Disruption
COVID-19 has been one of the most disruptive events mankind has faced in generations. Not once in the last 100 years have governments had to seal borders or ask companies to shut down non-essential services. For project management practitioners, “safety first” has taken a new direction, a big change from delivery “on time and on budget”.Many projects are being put on hold, not because they were not needed or because there was no funding available, but because of uncertainty and market volatility. Worldwide, governments are collaborating at an unprecedented scale and for a while political differences and old rivalry are forgotten.At a smaller scale, organisations, teams, and individuals are adapting to the crisis and the savvy ones are learning from the impacts of actions taken at a larger scale.As industries adapt to the new normal, what should organisations be asking themselves to ensure that they can embrace a new and more effective way of delivering projects over the long term? How can project management professionals adapt to the post COVID world and maintain or even increase their employability?In this ebook, we present an analysis by Dan S. Roman, an outcome-driven Senior Project Manager and Scrum Master with over four decades of project management experience. Dan is a pioneer of Agile delivery, using light documentation, incremental and iterative development since 1990 and formal Agile Frameworks (XP, Scrum) since early 2000.A champion of combining best practices to achieve results, Dan reflects on possible changes that the project management profession may see in the future due to the disruption brought about by COVID-19.Dan makes his projections on four key aspects in the delivery of projects and programs in response to the COVID-19 crisis are examined, namely: project delivery disciplines, the role of project leadership, management of project phases and the need for increased focus on upskilling.
COVID-19 has been one of the most disruptive event...
Cost Benefit Analysis for Projects: A step by step approach
Organizations, both for-profit and not-for-profit ones, often contemplate the need to take up new initiatives, develop new policies, bring about changes or create new capabilities to improve their current state of business-as-usual and create new benefits for the organization and stakeholders. All such new initiatives will be taken up as new projects by the organizations. These projects are expected to create new business value or in some cases social value. Every new project or initiative will require fresh investments of efforts and money to be made. Organizations will need to make such decisions prudently by creating a clear justification. Cost Benefit Analysis (CBA): What is it? Understanding Cost Benefit Analysis Conducting a cost benefit analysis (CBA) or a Benefit-Cost analysis (as may be referred alternatively) is one of the most fundamental methods used to compare the financial cost to be incurred for such new initiatives and benefits to be generated from them. Origins of Cost Benefit Analysis To undertake new initiatives is an integral part of the evolution of mankind, at a personal level, at a social level or at a business level. On the social front, it may involve initiatives like developing new townships, new buildings, new schools, new hospitals, new monuments, new social infrastructures, and new offices. On the business front, it may involve developing new products, new services or new production capabilities. There has always been a need to make sound and clear decisions. As the accountability of leaders on financial matters continues to rise, the need for doing a cost-benefit-analysis also becomes inevitable. CBA as a practice becomes part of policy matters in government projects in the US dating back in 1936, when Corps of Engineers started doing CBA for Federal Waterway Infrastructure projects. Approach to Cost Benefit Analysis A fundamental approach to do CBA includes estimating all the costs to be incurred in doing the project and carefully evaluating and estimating all the benefits to be garnered from the project. Benefits can include both quantifiable financial benefits and non-quantifiable benefits such improvement in quality of life, ease of living, ease of doing business etc. The purpose of Cost Benefit Analysis We already discussed that every new project needs investments to be made with the expectation of returns from the investments. There are two main applications of conducting a CBA: To determine if an investment decision is sound, calculating if its benefits outweigh its costs and by how much. To provide a basis for comparing alternative investment options, comparing the total expected cost of each option with its total expected benefits, thereby creating a basis for selecting the most desirable/viable option. Costs and Benefits Estimating costs Estimating all costs to be incurred in doing a project is the first important part of CBA. It will involve carefully estimating and listing the required quantity, quality and duration of material, labor, equipment and facilities to be used for completing all the activities of project work. Then we can estimate the costs for each of the above categories of resources. There will also be a need to include cost for contingency, inflation, cost of financing (if needed) and cost of any other services (such as training, liaison etc.) which may be required to complete the project activities. Cost estimation can be done with a considerable amount of accuracy level if all the activities of the project can be identified and all resource quantities can be estimated as stated above. Estimating benefits Estimating all benefits to be garnered is the second important part of CBA. Every project or investment done is expected to deliver benefits in future. Benefits can include financial benefits by means of increase in profit margins and increase in efficiency of doing things. Benefits can also include non-financial benefits such as increased comfort and ease of doing things, improved moral of people, increased satisfaction levels, more peace, social benefits etc. Financial benefits can be estimated with considerable amount of accuracy, while it will be somewhat challenging to estimate and quantify the non-financial benefits. Comparing costs and benefits After careful and diligent estimation of costs and benefits as stated above, we need to compare the costs to be incurred with benefits to be garnered. If the benefits outweigh the costs considerably, such proposals will be taken up for further consideration by the organizations. Organizations may lay down clear guidelines regarding minimum expected difference between benefits to cost for the projects to be selected for implementation. Organizations may also lay down clear guidelines for evaluating the social benefits (mostly non-financial as explained above) for clear decision-making after doing a CBA. How to do a Cost Benefit Analysis To conduct cost benefit analysis, we need to estimate and enumerate all costs to be incurred and all benefits to be generated. Then one needs to compare the costs with benefits for arriving at suitable decisions and recommendation about whether the project is worthy of taking up or not. There are two broad methods for doing cost benefit analysis: Non-discounted method (does not consider the effects of interest and time period). Discounted method (considers the time period, interest, inflation etc. while calculating the costs and benefits) We can take a simple example below to illustrate some of these methods. Analyzing using non-discounted method These are very simple methods without considering the effects of interest and time period.The below illustration shows the costs incurred and benefits over a period of six years. Yr. 0Yr. 1Yr. 2Yr. 3Yr. 4Yr. 5Yr. 6Discount rate at 10% (0.1)Cost100000000000Benefits250002500025000250002500025000Example of CBA using Non-Discounted MethodTotal Cost = 100000; Total Benefits = 150000 Benefit Cost Ration (BCR) = Total Benefits / Total Costs = 150000/100000 = 1.5 (> than 1) Profit = Total Benefits (Revenue) – Total Costs = 150000 – 100000 = 50000 Payback Period = Time taken to recover the total cost (investments) = 4 years ROI = Return on Investment = Profit/Investment = 50000/100000 = 50% Using the above simple non-discounted methods we can see that this project looks good with benefits being more than the cost, with positive profits and lower payback period. But these calculations are too simplistic, and do not account for the time-value of money based on interest rates, inflation. Analyzing using discounted method In the above example, the costs are incurred in the present time, while the benefits will be received in future. These values of money are in different timelines and hence their values cannot be compared directly as it is. We need to bring down all the future values of benefits and costs to their corresponding present values and then we can do a comparison of present values of benefits and costs. The below formula can be used to understand the relationship between present value (PV) and future value (FV) of money. PV = FV/(1+r)n(where r stands for rate of discount of money, n stands for time period) In the below example, the cost and benefits value mentioned are in specific period in time. We need to bring all costs as well as all benefits to their corresponding present values (PV) using the above equation and assuming an interest (discount) rate of 10% for ease of calculation. Yr. 0Yr. 1Yr. 2Yr. 3Yr. 4Yr. 5Yr. 6Discount rate at 10% (0.1)Cost (FV)100000000000Benefits(FV)250002500025000250002500025000Cost (PV100000000000Benefits(PV)0227272066118782170751552714112Example of CBA using Discounted MethodPV of all costs = 100000 (as it is happening in year 0 only) PV of all revenue = 25000/(1.1) + 25000/(1.1)2 + 25000/(1.1)3+ 25000/(1.1)4+ 25000/(1.1)5 + 25000/(1.1)6 = 22727+20661+18782+17075+15527+14112 =108884 Net Present Value (NPV) = Sum of PV of all benefits – Sum of PV of all costs = 108884 – 100000 = 8884 (> 0) Hence this project investment will lead to a profit after discounting the effect of interest and any other inflationary factors which are taken as 10%) If NPV is > 0, then the project investments will lead to profit. NPV is one of the most practical methods for doing cost benefit analysis by considering the time-value of money. IRR (Internal Rate of Return) – IRR is the rate of discount at which the sums of PV of all benefits equals sums of PV of all costs. Or in other words IRR is the rate of discount at which NPV equals 0. Calculating IRR is a more complex affair. In simpler term IRR denotes expected rate of return from the investments. According to a general guideline, higher the IRR from an investment, the better the opportunity. How to establish a framework As we discussed above, there are various methods for undertaking cost benefit analysis. Different financial parameters such as Benefit Cost Ratio (BCR), ROI, Payback Period, NPV, IRR etc. need to be calculated for arriving at decisions and making necessary recommendations on whether a specific project should be taken up or not. Every organization is unique in their capabilities to invest and take risk. Organizations can define their specific guidelines or framework for project selection taking into account the above financial parameters, the risks involved in doing the project and most importantly specific nature of the investors. A framework for project selection will include all above factors. Below are some basic guidelines which are used for decision making during cost benefit analysis (CBA) NPV should more than 0. Higher the NPV, the better is the project. BCR should be more than 1. Higher the BCR, the benefits outweigh the cost more. ROI should be high. Higher the ROI, the better is the investment opportunity. IRR should be high. Higher the IRR, the better is the opportunity. Payback period should be lower. Lower the payback period, the better seems the opportunity. Challenges and considerations while doing CBA How accurate is Cost Benefit Analysis? Cost benefit analysis can be reasonably accurate if these are done by technical and financial experts. Experience and availability of real data about costs and benefits of similar projects from past can greatly enhance the accuracy of cost benefit analysis. Are there limitations to Cost Benefit Analysis? Since cost benefit analysis requires estimating costs and quantifying future benefits accurately, it requires solid maturity in terms of knowledge and availability of past data. In the absence of experience and data availability, CBA may fall short in its accuracy. The risks and uncertainties in Cost Benefit Analysis While doing cost and benefit analysis, it will be important to understand risks and uncertainties involved in doing the project. It will also be equally important to understand the uncertainties involved in realizing the benefits once the project is done. Cost benefits analysis need to consider the implications of uncertainties to make it realistic. It may require doing statistical simulations and modeling as well. Cost Benefit Analysis in the real world We saw that CBA became a formal and mandatory practice as early as 1930s in the US government departments, for numerically evaluating if the benefits will outweigh (and by how much) the costs of doing the project. Organizations have become highly knowledgeable, experienced, and matured. Availability of past data coupled with ability to process the data using modern mathematical and statistical techniques and computerized tools exists in abundance within organizations. In today’s world the need for doing CBA has become necessary. Businesses and governments are held more and more responsible and accountable to their citizens and investors for justifying their investment decisions. They can do this only by conducting a thorough cost benefit analysis.
Organizations, both for-profit and not-for-profit ...
All you need to know about the new PMP exam 2021
Project Management Professional® or PMP® is a professional certification for project managers offered by the Project Management Institute or PMI. This certification’s examination development processes are different from regular certification exam development practices. PMI has ensured that its certification process is aligned with the best practices of the industry. Also, the PMP certification is accredited with the internationally-recognized ISO 17024 standard. As a part of the examination process, all organizations that are offering reliable and valid professional credentialing examinations have to use a Job Task Analysis (JTA) or Role Delineation Study (RDS) to create the exam. During this process, they will be utilizing knowledge and task-driven guidelines for assessing the competence of the practitioner. Also, it helps in determining the levels of criticality, frequency, and salience of each knowledge, skill, and task that are needed for performing the role of a project manager. The PMP New Exam 2021 For this year’s PMP exam new version, a market research study on the Global Practice Analysis was conducted by the PMI. It produced several professional trends that were not addressed in the previous PMP exam. PMI has used these trends as inputs into the Job Task Analysis for ensuring the relevance and validity of the PMP examination. The validation will assure that through the exam, the specific knowledge and skills of a project management practitioner are measured and evaluated appropriately. The Job Task Analysis will ensure that PMP examination measures every element of Project Management Professionals in terms of real cases. So, all PMP certification holders can remain confident that the PMP exam new pattern has been created as per the best standards of test development and based on the input from practitioners who have established these practices. When it comes to earning professional certification, the PMP examination is an important part. This is why it is vital that the PMP exam accurately reflects the project management practices. All the questions have been written and reviewed by qualified PMP certification holders. Also, the questions are tracked to 2 or more academic references. The questions are mapped against the exam outline of PMP for ensuring that there is an appropriate number of questions for a valid exam. PMI has developed the global examination content outline with the help of Alpine Testing solutions. Alpine Testing Solutions provide test development, credential management solutions, and psychometric to educational and credentialing programs. There are some differences between the guide to the Project Management Body of Knowledge (PMBOK Guide) – Sixth Edition and the PMP exam new version Content Outline. For example, the volunteer task force involved in the study mentioned above is not bound by the PMBOK Guide. The members of the task force had to outline critical job tasks of professionals who were leading and directing projects based on experience and related resources. Benefits of Project Management Professional (PMP) certification 1. Value to the resumePMP is one of the most valuable professional certification programs that you can pursue in your career. Interviewers who are looking to fill the position of a project manager will prioritize candidates with PMP certification over others. Many companies have made PMP certification mandatory, which means that you won’t be able to apply without these credentials. 2. Recognition PMP is a universally recognized certification unlike some other certification programs that focus only on special geography or domain. So, regardless of the industry you are working in or your professional background, you can add PMP to your resume. 3. Learn important skillsPMP certification will help you stand out from the crowd of project managers in the job market. With the high standards of thePMP exam, one cannot pass the exam easily without any extensive preparation. One also needs to master the practical applications to attain PMP certification. The program is built on the foundation of fundamental tools, technologies, and methodologies of project management processes. During the training, you will be exposed to the current trends and best practices in the field of project management. 4. Higher-incomeThis is one of the biggest advantages a PMP-certified professional can enjoy. PMP has been the highest-paid IT certification consistently and the income is only going to increase in the future. Another benefit of PMP certification is job security. Most companies value their core competencies with certifications. 5. Networking opportunitiesThere are about 773,840 PMP certification holders across the globe. By obtaining the PMP certification, you get to become part of the club. PMI is also known to arrange meetings in major cities where members can earn Professional Development Units (PDUs). These are requiredto renewthe certification. PMP® Certification Eligibility Requirements To be eligible for the PMI new exam, the Project Management Institute (PMI) has set some initial requirements: Associate’s degree, high school diploma or global equivalent At least 5 years of unique and non-overlapping experience of professional project management. 7,500 hours of leading and directing projects. 35 contact hours of project management education. Bachelor’s degree or global equivalentAt least 3 years of unique and non-overlapping experience of professional project management. 4,500 hours of leading and directing projects. 35 contact hours of project management education. You must satisfy each of the above-mentioned eligibility requirements to sit for the PMP certification exam. You can meet the 35 contact hours of project management education requirement by PMA’s 4-day PMP training course. Experience For the experience, it should include all the five processes mentioned in the PMBOK Guide. However, it does not have to be in a single project. Here is a list of acceptable knowledge, tasks, and skills for the PMP exam: Defining the high-level scope of the project on the basis of business requirements and compliance for meeting the project expectations of the customer. Presenting the plan of the project to the key stakeholders for getting approval to execute the project. Achieving the project deliverable within the specified budget and schedule by executing tasks as defined in the plan. Communicating the status of the project to the stakeholders for getting their feedback and ensuring that the needs of the business are aligned with the project. Working with the sponsors and customers for obtaining the final project deliverable and confirming that the scope and deliverables were met. Examination Content Outline Here is the proportion of questions for the PMI new exam content outline: Process - 50% People - 42% Business Environment - 8% As a project management practitioner, you will be working in different project environments and utilizing different project approaches. So, the PMP certification exam will be reflective of this and will include approaches from various value delivery systems. Half of the exam will represent predictive project management approaches, while the other half will represent hybrid or agile approaches. Predictive, hybrid, and agile approaches are used in all the three-domain areas mentioned above. Reference Materials Every candidate planning to give the PMP exam new version must know that it is not based on a single textbook or supported by any reference. PMI does not endorse any course, resource, or reference to prepare for the exam. The references mentioned below are not inclusive of all the resources that you can use. Also, you should not interpret them as a guaranteed way to pass the exam. PMP is a competency-based certification that tests the integrated set of knowledge, abilities, and skills gained from learned and practical experience. So, the references mentioned below are just an element of a broader set of resources: Agile Practice Guide Project Management: A Systems Approach to Planning, Scheduling, and Controlling A Guide to the Project Management Body of Knowledge (PMBOK Guide) 6th Edition Effective Project Management: Traditional, Agile, Extreme, Hybrid Project Managers Portable Handbook, 3rd Edition Fundamentals of Technology Project Management, 2nd Edition Essential Scrum: A Practical Guide to the Most Popular Agile Process Information Technology Project Management, 7th Edition The Project Management Tool Kit: 100 Tips and Techniques for Getting the Job Done Right Project Management: The Managerial Process Important dates PMI has a designated Crisis Task Force for continuously monitoring the current situation arising from COVID-19 (Coronavirus). They are taking steps to make this hard time easier for their community. For this reason, they have extended access to the existing PMP exam until the 21st December 2020. The launch of the PMI new exam has also been postponed until the 2nd January 2021. Candidates now have more time to access the training resources and prepare for the exam. If you have scheduled your exam or are planning to do so in the near future, consult the PMI’s COVID-19 page for guidance and update.
Project Management Professional® or PMP® is a pr...
Top 10 Certifications in Project Management
Whether it is the IT or non-IT industry, a successful project always depends on a highly competent project manager. An adept and proactive project manager helps the teams in becoming consistently productive and accountable for their tasks and responsibilities. Nowadays project management is a highly pursued job title. Any professional aspiring to be a project manager can greatly benefit from working in this role. This is not only because of the lucrative salary but also because a lot of skills can be acquired after being certified as a project manager, like knowing how to plan, schedule, budget, execute, deliver and then report on the business projects. Here are some of the top certifications in project management that companies are looking for, presently:1. PMP®: Project Management Professional Project Management Professional (PMP)® is one of the top-level project management certifications and is globally recognized as the gold standard in project management. By being PMP® certified, you can work in any industry with any methodology irrespective of the situation. This certification includes all the top necessities required to test your knowledge and skills in managing the project "triple constraints", that is time, cost, and scope.Accreditation body: Project Management Institute (PMI)® Eligibility criteria:Eligibility RequirementFour-year degree or global equivalentA secondary degree or global equivalentYears of Project Management Experience3 Years (36 months)5 Years (60 months)Hours Leading & Directing Projects4,500 Hours7,500 HoursHours of Project Management Education35 Hours35 Hours2. CAPM®: Certified Associate in Project Management Another certification governed and accredited by the Project Management Institute (PMI)®, the Certified Associate in Project Management (CAPM)® lays the foundation stone for the Project Management Professional (PMP)® certification. CAPM® is perfect for professionals who want to move steadily into the project management field. Individuals who do not possess a college degree or have no/minimal experience in the field can also apply for this certification. Accreditation body: Project Management Institute (PMI)® Eligibility criteria:A minimum of 23 hours of project management education before the examination. The minimum educational criterion to go for the Certified Associate in Project Management (CAPM)® certification is a high school diploma certificate or any global equivalent form of education.3. CSM®: Certified Scrum MasterEver since agile methodologies have become the standard in most industries, especially the IT sector, Certified Scrum Masters have been in high demand. Despite various Scrum master certifications being available in the market, the Certified ScrumMaster (CSM)® from the Scrum Alliance is a great way for aspiring project managers to start as Scrum practitioners. Scrum Alliance® offers this CSM® credential and is a non-profit organization that promotes the concept of adopting Scrum and agile practices. The organization globally has 450,000 plus certified practitioners. Accreditation body: Scrum Alliance® Eligibility criteria: There is no set of eligibility requirements to attend this Scrum Master Certification course and it can be taken by freshers or professionals who want to:Extend their careers in project management.Strengthen their grasp of Scrum.4. PMI-RMP®: Project Management Institute-Risk Management ProfessionalNowadays it is normal for any undergoing project to face risks at every stage, thus affecting its execution, success rate, and the final result. This requires planning the project by detecting potential risks, both threats, and opportunities, taking actions to reduce threats, and increasing opportunities. The Project Management Institute-Risk Management Professional (PMI-RMP)® credential affirms that Risk Managers know the best way to identify project risks and lessen threats while making the best of available opportunities. Accreditation body: Project Management Institute (PMI)® Eligibility criteria: Either Secondary degree (high school diploma, an associate degree, or the global equivalent) 4,500 hours of project risk management experience within the last 5 consecutive years 40 hours of project risk management education Or Four-year degree (bachelor’s degree or the global equivalent) 3,000 hours of project risk management experience within the last 5 consecutive years 30 hours of project risk management education5. CompTIA Project+ certificationTraining in the CompTIA Project+ certification will enable professionals to learn and implement common project management principles and important soft skills such as team building, conflict resolution, communication, negotiation, setting, and managing expectations. CompTIA's Project+ serves as a primary-level project management credential.Accreditation body: CompTIAEligibility criteria:There are no strict prerequisites, however, according to CompTIA, a candidate should have at least one year of experience managing, directing, or participating in small- to medium-scale projects.6. PRINCE2® Foundation/PRINCE2 PractitionerAccredited by Axelos, PRINCE2® is a de facto standard that describes project management standards and assists in forming consistency among projects. It began in the UK and then applied it to its government entities. Famous across Europe and now countries in the middle and far east, many industries have adopted these standards and gained impressive results. As a result, PRINCE2® Practitioners are sought-after for their knowledge of applying this framework on projects. There are two key certifications: PRINCE2® Foundation and PRINCE2® Practitioner Certifications. The Foundation certification is an entry-level credential, testing basic project management terminology and methodology. On the other hand, the Practitioner certification tests advanced project managers who have already achieved the PRINCE2® Foundation.Accreditation body: Axelos Eligibility criteria: PRINCE2® Foundation Certification: There are no eligibility criteria for the PRINCE2® Foundation Certification Exam. However, it is recommended to possess basic project management knowledge.PRINCE2® Practitioner Certification: To get certified with PRINCE2® Practitioner Certification, applicants must have one of the below-mentioned certifications:PRINCE2® Foundation Project Management Professional (PMP)® Certified Associate in Project Management (CAPM)® IPMA Level A (Certified Projects Director) IPMA Level B (Certified Senior Project Manager) IPMA Level C (Certified Project Manager) IPMA Level D (Certified Project Management Associate)7. PgMP®: Program Management Professional (PgMP)® Certification Training This certification is created and administered by the PMI® and is the next step, after achieving the Project Management Professional (PMP)® Certification. PgMP® is for professionals who coordinate and manage multiple projects aligned with strategic objectives. This includes directing and managing complicated activities that may extend over functions, organizations, cultures, and geographies.With the PgMP® certification, professionals will strengthen their grasp in the six prime focus areas of program management such as Governance, Prioritization, Escalation, Resource Management, Benefits Realization, and Stakeholder Management. Thus, certified PgMP® professionals will be able to encourage teams to integrate and coordinate multiple projects in a better way. Accreditation body: Project Management Institute (PMI)® Eligibility criteria: Either:A four-year degree (Bachelor's or Global equivalent), with at least four years of Project Management experience and four years of Program Management experience.OrA secondary diploma (High school or Global equivalent), with at least four years of Project Management experience and seven years of Program Management experience. Candidates not meeting the above criteria can also consider the Project Management Professional (PMP®) certification. 8. APM™: Associate in Project ManagementThe Associate in Project Management (APM)™ certificate is an entry-level certification in Project Management and is a globally recognized credential. Governed by the Global Association for Quality Management (GAQM)®, the exam covers 50 Multiple Choice Questions out of which the candidate requires to get 70% (35 out of 50 correct) to pass the 60-minute exam. Accreditation body: Global Association for Quality Management (GAQM)® Eligibility criteria:No formal education or experience required. 9. MPM®: Master Project Manager The Master Project Manager certification is issued by the American Academy of Project Management (AAPM)® and is ideal for both project managers and professionals with business and technical responsibilities. Accreditation body: American Academy of Project Management (AAPM)®Eligibility criteria: Three years of project management experience and training. 10. PPM™: Professional in Project ManagementProfessional in Project Management (PPM)™ course is organized by the Global Association for Quality Management (GAQM)®. This is a mid-level certification that consists of project management components showing how to plan, execute, control, and complete projects as well as training to perform better. Accreditation body: Global Association for Quality Management (GAQM)® Eligibility criteria:Completion of a mandatory E-Course Candidates should have a certain project management experience. ConclusionAlong with the abovementioned project management certifications, it is recommended that professionals apply principles in their current professions, be on the lookout for newer methodologies and upskill regularly.
Whether it is the IT or non-IT industry, a success...
Top 7 Project Management Methodologies
Foresighted managers and leaders don’t necessarily follow just one project management methodology. They learn all of them so that they have the awareness to deploy the right methodology for the right project. According to industry experts, project management methodologies are vital to project success. A recent study by PMI confirmed that about 89% of the project professionals believed that their organizations implemented some project management practice or the other.What is a project methodology? It’s a blueprint that shows how tasks and projects can be planned, managed, and executed, right from start to finish. It includes a combination of practices, techniques, and procedures followed by project managers.Why choose a project management methodology? A recent survey published by the Harvard Business Review revealed that the lack of time was the major hindrance to collaboration within project teams. Since projects are fast-paced and must adhere to deadlines, collaboration is quintessential. This is where adopting a project management methodology comes to play.Projects are incredibly fast-paced with competing deadlines; hence collaboration is the best way to keep the team engaged, heighten productivity, and save time in the long run. Practicing a methodology is a great way to boost collaboration as well as deliver project success. Top 7 project management methodologies Below are the top 7 methodologies in the project management landscape today: 1. Agile According to a KPMG survey, 81% of enterprises have adopted Agile in the past 3 years. The most favorite methodology, Agile is primarily a set of principles involved in software development. However, it is hailed as a project management methodology for its flexibility and capability to build processes. Agile projects have a series of tasks that are initiated, executed, and adapted based on ad hoc demands, rather than a pre-planned process. Hence, Agile is apt for dynamic environments where the unpredictability factor is quite high.2. Scrum Scrum is the project management methodology that enables a small, cross-functional, self-managing team to deliver results quickly. It helps boost communication, teamwork, and speed of the processes. Terms like sprints, scrums, backlogs, and burndowns are commonly used in scrum methodology.Scrum is ideal for environments that handle complex products.It advocates the use of small, cross-functional teams of up to 9 people who work on items in a backlog that have been clearly defined and prioritized by a Product Owner. Work is categorized into “sprints”, a development cycle of usually 2-4 weeks. During these sprints daily “Scrums” take place where the teams report on their daily progress and impediments. At the end of each sprint, work is then reviewed in a sprint review meeting to determine together with the Product Owner if it clears the Definition of Done (DoD). Scrum is further facilitated by a Scrum Master who leads the sprints, demos, reviews, and ensures that the team is continually optimizing and improving.3. LeanLean project management is the methodology that emphasizes the dictum of maximizing value while minimizing waste. In project management, it aims at creating the most value with a minimum amount of resources, labor, and space.There are 3 ‘M’s in Lean: Muda refers to wasteful activities that consume resources without value generation, Muri refers to overutilization of equipment or employees and Mura which corresponds to operational inefficiency. Lean project management methodologies when practiced are capable of reducing these 3 Ms within the project process. 4. Kanban Kanban is a project management methodology that is focused on Lean principles. Its primary focus is to increase efficiency. It’s an evolved version of Scrum. It’s flexible and not focused on roles. It keeps the team focused on what matters. It’s ideal for environments where priorities are changed frequently. The online tool Trello is based on Kanban. It gives an accurate visual depiction of the progress of work for the team and other stakeholders. It’s ideal in organizations that demand a consistent output.5. eXtreme Programming methodology (XP) eXtreme Programming (XP) is also a software development project management methodology that focuses solely on development while ensuring quality. It lays down the processes needed to improve software quality as well as meet customer requirements. It is quite similar to Scrum but differs in certain prescriptive processes. These processes include making compulsory user stories, Test Driven Development (TDD), Pair programming, and Continuous integration. 6. Waterfall Waterfall methodology, also known as the SDLC (Software Development Life Cycle) values solid planning and doing everything in one shot, unlike Agile. Planning and resource allocation is done in the beginning, work is executed in cascades. Like a waterfall. However, Waterfall is rigid as it offers no scope to make changes to the plan unless necessary. Because of this approach, upon reaching the testing stage, it’s very difficult to go back and rectify mistakes. That could end up being quite risky. The many shortcomings of the Waterfall approach are the reasons why Agile methodologies gained acceptance worldwide. 7. PRINCE2 Created by the UK govt in 1996 for IT projects, PRINCE2 methodology is controlled project management practice which divides projects into various stages with their own set of plans and processes to follow. It’s an excellent framework that can be applied mostly in large projects. It lays down the need for the project, identifies the target audience, and whether the project is feasible. A PRINCE2 Practitioner often oversees the team in these projects and ensures that the team has the right resources and guidelines to conduct the project as well as mitigate risks effectively.Ultimately, choosing the right project management methodology is based on the project and business environment. When chosen appropriately, these methodologies can play a major role in project success. Learn more about project management methodologies like these from our series of immersive workshops.