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What Is Project Management Software & What Are Its Advantages

Over the years, there has been tremendous progress in technology. This has resulted in projects getting more complicated and extensive. Also, since our world is shrinking and geographies are getting closer, our projects are getting pan-global, involving resources from across the globe. What project managers need these days to effectively carry out tasks and ensure project success are tools that will help them manage their resources, time and money better.There are several such project management software engineering tools available in the market and this blog is your go-to guide to decide how to choose the right software tools to make your life easier as a project manager.What Is Project Management Software?What do project managers need? A tool that will help them better plan and schedule, manage resources, communicate and collaborate with stakeholders and team members. Project management software helps perform all these activities and more.Here is a list of things a project management software tool helps to accomplish: Project planning and scheduling Resource allocation Performance tracking Budget and cost management Change management Collaboration and communication  Risk mitigation Monitoring performanceThere are several project management software platforms available, that provide several tools for easy project management. The main purpose of a project management software is to help in planning and tracking of the project components and facilitate communication between those involved.  Some of the project management software packages available in the market include: Monday.com Microsoft Projects Skype Celoxis  Wrike Benefits of project management software: There are several benefits that project management software have to offer. Specifically, a project management software should help with: Planning and scheduling:Planning and scheduling are the most important aspects of a project manager’s role. These include assigning tasks to resources, scheduling time for these tasks to be completed and allocating a budget for these tasks. Project planning and scheduling are used to attain project objectives and can be thought of as a comprehensive outline of the project objectives, scope, budget and time. An effective project management software should be able to help the project manager define and map project tasks efficiently.   Team collaboration:Successful projects require utmost collaboration and communication between team members. Today’s projects are more distributed, with teams working from different corners of the globe. In such a scenario having a tool that maximises collaboration between team members will also result in positive outcomes for the project. And not just team members, effective collaboration needs to be maintained with the clients and stakeholders too.This is especially true for Agile projects that focus on transparency and trust. An effective platform to communicate the project milestones and challenges will help keep everyone on the same page in the context of the project.  Task delegation:Task delegation is an important aspect of project management. A good project management tool will help in effective task delegation by allowing the creation of tasks, assignment of tasks to resources, setting of deadlines and generating status reports. Accessing and sharing files:Multiple team members working on a project will need to access shared resources such as files, trackers, reports etc. Efficient project management software should be able to provide a central repository of files and other shared resources that can be accessed by all team members, which in turn will enhance the productivity of the team.  Integrating new members:Just like a good project management software will help automate tasks and collaborate, it will also help in easy integration of new members to the existing team. Risk management and mitigation:Every project is prone to risk and an effective project manager will always think of ways to mitigate risks before they occur. Effective risk management requires the project manager to monitor and ensure that the project does not exceed scope, time or budget. A good project management tool should have the facility to help project managers protect projects against risks and changes through analysis, assessments and tracking.  Budget management: It’s very difficult to justify to stakeholders why the project budget has gone overboard. An effective tool should help a project manager create an accurate budget and help maintain it by monitoring costs and resources.  The markets are fluctuating and so are costs for resources. In such a case it is possible that a project that is very extensive will go over the estimated budget. The project manager can simplify budgeting and keep a track on costs by creating accurate trackers and reports. Adding new costs, tracking labour costs, adding extra costs such as risk mitigation costs etc aid the project manager in maintaining the project budget and ensuring that there is no overrun.  Remote working:Remote working has now become the norm, and the pandemic has made remote working a necessity rather than a convenience. Maybe a decade ago, managing projects remotely, getting resources to work together, allocating tasks etc would have seemed impossible. But project management tools available today have made remote working efficient and effective.  A good tool should allow team members who are geographically dispersed and separated by time zones to work effectively, collaboratively and without a break in communication. From helping team members access shared repositories to sharing ideas to communicating effectively, the project management software should be seamless for virtual teams.  Enhancing productivity:When your team has everything ready at its disposal and does not have to worry about anything other than the development of the project, then productivity increases and so does motivation to be productive. Efficient software can find loopholes in timelines, scope creep or budget and help you address them early on, thus helping you deliver better products on time and optimise processes. Your stakeholders in turn will be happy and so will your team members!  Effective communication:Effective communication is the single most important thing to ensure that a project, be it Scrum, Waterfall, XP or Kanban, is delivered effectively. The project management software should provide a platform where team members can communicate through chat messenger, video or voice calls. This helps disperse information at the right time and in the right format for the right impact.  To sum up... There are several project management software packages available in the market.  Organizations should choose the software which suits their projects and team members. Effective project management software will not just help you track the progress of your projects but will help create an efficient system of communication and collaboration with team members and stakeholders, monitoring performance and mitigating risks before they even occur.   

What Is Project Management Software & What Are Its Advantages

5K
What Is Project Management Software & What Are Its Advantages

Over the years, there has been tremendous progress in technology. This has resulted in projects getting more complicated and extensive. Also, since our world is shrinking and geographies are getting closer, our projects are getting pan-global, involving resources from across the globe. What project managers need these days to effectively carry out tasks and ensure project success are tools that will help them manage their resources, time and money better.

There are several such project management software engineering tools available in the market and this blog is your go-to guide to decide how to choose the right software tools to make your life easier as a project manager.

What Is Project Management Software?

What do project managers need? A tool that will help them better plan and schedule, manage resources, communicate and collaborate with stakeholders and team members. Project management software helps perform all these activities and more.

Here is a list of things a project management software tool helps to accomplish: 

  • Project planning and scheduling 
  • Resource allocation 
  • Performance tracking 
  • Budget and cost management 
  • Change management 
  • Collaboration and communication  
  • Risk mitigation 
  • Monitoring performance

Project Management Software

There are several project management software platforms available, that provide several tools for easy project management. The main purpose of a project management software is to help in planning and tracking of the project components and facilitate communication between those involved.  

Some of the project management software packages available in the market include: 

  • Monday.com 
  • Microsoft Projects 
  • Skype 
  • Celoxis  
  • Wrike 

Benefits of project management software: 

There are several benefits that project management software have to offer. Specifically, a project management software should help with: 

  • Planning and scheduling:

Planning and scheduling are the most important aspects of a project manager’s role. These include assigning tasks to resources, scheduling time for these tasks to be completed and allocating a budget for these tasks. Project planning and scheduling are used to attain project objectives and can be thought of as a comprehensive outline of the project objectives, scope, budget and time. An effective project management software should be able to help the project manager define and map project tasks efficiently.   

  • Team collaboration:

Successful projects require utmost collaboration and communication between team members. Today’s projects are more distributed, with teams working from different corners of the globe. In such a scenario having a tool that maximises collaboration between team members will also result in positive outcomes for the project. And not just team members, effective collaboration needs to be maintained with the clients and stakeholders too.

This is especially true for Agile projects that focus on transparency and trust. An effective platform to communicate the project milestones and challenges will help keep everyone on the same page in the context of the project.  

  • Task delegation:

Task delegation is an important aspect of project management. A good project management tool will help in effective task delegation by allowing the creation of tasks, assignment of tasks to resources, setting of deadlines and generating status reports. 

  • Accessing and sharing files:

Multiple team members working on a project will need to access shared resources such as files, trackers, reports etc. Efficient project management software should be able to provide a central repository of files and other shared resources that can be accessed by all team members, which in turn will enhance the productivity of the team.  

  • Integrating new members:

Just like a good project management software will help automate tasks and collaborate, it will also help in easy integration of new members to the existing team. 

  • Risk management and mitigation:

Every project is prone to risk and an effective project manager will always think of ways to mitigate risks before they occur. Effective risk management requires the project manager to monitor and ensure that the project does not exceed scope, time or budget. A good project management tool should have the facility to help project managers protect projects against risks and changes through analysis, assessments and tracking.  

  • Budget management: 

It’s very difficult to justify to stakeholders why the project budget has gone overboard. An effective tool should help a project manager create an accurate budget and help maintain it by monitoring costs and resources.  

The markets are fluctuating and so are costs for resources. In such a case it is possible that a project that is very extensive will go over the estimated budget. The project manager can simplify budgeting and keep a track on costs by creating accurate trackers and reports. Adding new costs, tracking labour costs, adding extra costs such as risk mitigation costs etc aid the project manager in maintaining the project budget and ensuring that there is no overrun.  

  • Remote working:

Remote working has now become the norm, and the pandemic has made remote working a necessity rather than a convenience. Maybe a decade ago, managing projects remotely, getting resources to work together, allocating tasks etc would have seemed impossible. But project management tools available today have made remote working efficient and effective.  

A good tool should allow team members who are geographically dispersed and separated by time zones to work effectively, collaboratively and without a break in communication. From helping team members access shared repositories to sharing ideas to communicating effectively, the project management software should be seamless for virtual teams.  

  • Enhancing productivity:

When your team has everything ready at its disposal and does not have to worry about anything other than the development of the project, then productivity increases and so does motivation to be productive. Efficient software can find loopholes in timelines, scope creep or budget and help you address them early on, thus helping you deliver better products on time and optimise processes. Your stakeholders in turn will be happy and so will your team members!  

Effective communication:

Effective communication is the single most important thing to ensure that a project, be it Scrum, Waterfall, XP or Kanban, is delivered effectively. The project management software should provide a platform where team members can communicate through chat messenger, video or voice calls. This helps disperse information at the right time and in the right format for the right impact.  

To sum up... 

There are several project management software packages available in the market.  Organizations should choose the software which suits their projects and team members. Effective project management software will not just help you track the progress of your projects but will help create an efficient system of communication and collaboration with team members and stakeholders, monitoring performance and mitigating risks before they even occur.   

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KnowledgeHut

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KnowledgeHut is an outcome-focused global ed-tech company. We help organizations and professionals unlock excellence through skills development. We offer training solutions under the people and process, data science, full-stack development, cybersecurity, future technologies and digital transformation verticals.
Website : https://www.knowledgehut.com

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Project Manager Salary Guide 2022

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
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Best Project Management Certifications in 2022

While nothing can replace industry work experience, there is no doubt that a credible certification can open up new opportunities and elevate your current profile. This is true for any area of work and more so in the project management field.With projects getting more complex, pan global and resource intensive, organizations look to hire project managers who come with solid expertise and a recognised certification to back their knowledge and skill.With so many project management credentials to choose from, which one would suit you best in terms of the knowledge and opportunities you will gain? Here is a ready compilation of the best Project Management Certifications for 2022, to help you to make an informed decision.PMP® Certification TrainingCAPM® Certification TrainingPMI-RMP® Certification TrainingPRINCE2® Foundation and Practitioner Certification TrainingProgram Management Professional (PgMP)® Certification TrainingPMI-ACP® Certification Training1. Project Management Professional (PMP)®Arguably the most well-known credential in the Project Management space, the PMP is globally recognized as the gold standard in project management. Offered by the Project Management Institute (PMI)®, the PMP gives you the bandwidth to work in any industry, using any methodology and working on a variety of situations.This certification is a litmus test of your project management knowledge and skills in managing the project "triple constraints", that is time, cost, and scope. And with its new rollout, the PMP helps holders grow and develop diverse project management skills to suit the fast-changing markets of today and beyond.PMP DemandThe reason why PMP is so well received is because the skills one learns during the PMP certification journey can be applied across sectors, geographies and industries including IT, government sectors, telecommunications, manufacturing, banking and more.It allows certified professionals to maximise value, enhance bottom line margins and prove that they can drive business results.PMP continues to remain one among the best Project Management Certifications for 2022.Benefits of getting PMP certifiedValidate your commitment to continued excellence and qualityDemonstrate your proficiency in project managementGrow your career in project management with confidenceManage projects across sectors and industriesGet yourself hired by the bestEarn salaries that are up to 58% higher than those who do not hold the certificationEarn salaries up to $145,000Top companies that hire PMP professionalsExxon MobileAppleSAICEXELONWhere to take training for certification: Aspirants must undertake the training from an Authorized Training Provider of PMI®.Who should take the training for certification:Mid-Level, Senior Project ManagersProject CoordinatorsProject AnalystsProject LeadersProduct ManagersProgram ManagersProject SponsorsTeam LeadersAnyone interesting in building project management skillsEligibility for PMP examTo be eligible for the PMP® exam, you must fulfill the following criteriaEDUCATIONAL BACKGROUNDSecondary Degree (high school diploma, associate’s degree or global equivalent), ORFour-year Degree (bachelor’s degree or global equivalent), ORBachelor's or Post-Graduate degree from a GAC accredited program (bachelor’s degree or master's or global equivalent).PROJECT MANAGEMENT EXPERIENCEMinimum five years/60 months unique non-overlapping professional project management experience, ORMinimum three years/36 months unique non-overlapping professional project management experience, ORMinimum two years/24 months unique non-overlapping professional project management experience.PROJECT MANAGEMENT EDUCATION35 contact hours of formal education, unless you are an active CAPM holder.Exam FormatThe latest (2022) PMP® certification exam pattern is as follows:No of questions: 180 multiple-choice, multiple responses, matching, hotspot and limited fill-in-the-blank.Time: 230 minutesDifficulty level: The questions are populated as per the difficulty level. 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General Project Experience2000 hours of working on project teams within the last 5 years or having an active PMP®/PgMP® credential2. Agile Project Experience1500 hours of working on Agile Project Teams or with Agile Methodologies, in addition to “General Project Experience” above;3. Training in Agile Practices21 contact hours earned in Agile PracticesExam FormatNo of questions: 120 MCQ, of which 20 are pre-testDuration: 3 hoursDuration to get certified: Once you complete the course, you need to schedule the exam date. Exam applications have to be submitted and approved by PMI. Online applications m ay take upto five business days to get processed. Once your application is processed, you can schedule your exam date, and on passing receive the PMI-ACP credential.Course fee for certification: INR 10,999, USD 1099Application fee for certification: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certificationFor members: $435Non-members: $495Retake fee for certificationMembers: $150Non-members: $200SummaryProject Management is among the most sought after job roles, not only in the tech industry but any industry that executes and manages projects. By 2027, 88 million individuals will need to be skilled in project management-oriented roles. This makes it among the hottest job trends in the coming years, and a credential will go a long way in helping you capitalise on this trend.
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Project management is the practice that is used to initiate, design, execute, control, and close a team's work in order to reach specific objectives and fulfil specific success criteria at the specified time. The main challenge of project management is to achieve all project objectives within the given limits.A decade ago, managing projects was difficult and challenging. It was difficult to set clear goals with less project management tools and projects were being managed by smaller teams with simpler projects.Fast forwarding to 2022, the scenario is completely different as Project Management seems like a phoenix rising from the ashes. The teams are no longer small, nor are the tasks, and the goals are defined with a proper system.The project management industry is quickly evolving, keeping pace with advanced technologies, tools, and the latest trends.Today, we will discuss the top 5 Project Management global trends in 2022.1. Artificial Intelligence (AI) & Automation Will Impact ProjectsArtificial Intelligence has had a very positive impact on projects. According to a PMI report, software development, aerospace, healthcare and financing all implement Artificial Intelligence in their way of managing projects.The first thing project managers need to do is take AI into account in project management and then learn how to utilize it for successfully completing projects.Using AI in automating data will make it easier to handle projects than before. Moreover, you can form positive business relationships with your team members and clients, resulting in proper coordination and transparency.It’s quite common to witness poor estimates and unknown external factors pushing the deadline. Artificial intelligence can calculate the duration, cost and progress of a project properly and predict realistic project schedules.2. More Project Managers Will Incorporate Hybrid Project ManagementEvery project is created differently and differs in methodology and execution. No wonder the concept of hybrid project management is becoming increasingly popular and with every passing day, many Project managers and Scrum masters are combining more than one methodology.According to PMI reports, Hybrid project management aims to combine standard project management techniques with the agile methodology.When the hybrid model, such as combining a traditional approach is implemented with an Agile process, team members from different points of view and work styles will collaborate and achieve more flexibility, dedication, and productivity in their own way.Project managers are inclining to this flexible approach of projects in the current year. A combination of agile and traditional methodologies is best suited in a multi-project environment, where complex parts are executed using agile, and a traditional method is used for the simpler parts.3. Managing Projects Will Become Easier with Emotional Intelligence (EI)It seems strange, but project success is related to humans understanding and realizing emotions. How? According to PMI.org emotional intelligence can strongly predict performance no matter what job you do. It allows clients, team members, sponsors and management to interact with each other with clarity, handle challenges efficiently and make committed choices to act strategically and swiftly. EI is now an essential technology for a successful business outcome.Understanding the emotions of the team members and dealing with different personalities ensures that the project keeps progressing at a smooth and constant pace. This is an invaluable leadership ability for project managers around the world.Therefore, it becomes more important than ever to learn about emotional intelligence and what drives people to predict future project success.4. Remote Working is on the RiseThe trend of working remotely is now extremely common and this will go on in future too. There are a lot of advantages when people work remotely. It offers more flexibility and saves a lot of time as you don’t need to travel to your workplace. The costs to the project and company get further reduced leading to the development of talent. According to the results of a survey by Wrike, 83% of respondents work remotely every day for at least one to two hours. 43% of them reported that they work remotely now, more than they did a couple of years ago.When working remotely, projects will be managed by:Setting up daily, stand-up meetings and calls to stay updated on the progressHaving your team members keep you updated on any project changes or updatesUsing online collaboration tools such as Microsoft Planner to collaborate with team members and never miss out on any changes or updatesDoing quarterly individual assessments in a yearThe future of project management will witness a steep rise in next-gen project managers, project management offices, and more focus stepping up cybersecurity. Project managers should pay attention to these trends to successfully lead their teams.5. More Jobs Will be Available for Project ManagersProject managers are involved in every possible industry. According to ‘The Project Management Institute (PMI) report’ last year, the project management labour force is predicted to grow by 33 percent in over 11 countries by 2027. There will be a wide range of jobs for project management and these are estimated to grow over the next 10 years. Some of them are in industries like: Management and Professional ServicesManufacturingFinance and InsuranceInformation Services and PublishingConstructionUtilitiesOil and GasBy 2027, nearly 88 million professionals will be required in project management-oriented roles. The first in the race to hire are China and India forming more than 75 percent of the total project management-oriented employment.The report further stresses that project managers are key in delivering successful projects and products. Acting otherwise can potentially create a loss of nearly US$208 billion in GDP over the 10 years in the 11 countries examined.With the new trends of 2022, project management will be playing a major role in fastening product development with its new technologies, and in turn, increasing workflow efficiency. Owing to its exponential growth, multiple job opportunities will be created, and staying on top of the latest trends will give one the leverage to make the most of such changes.
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Project Management: What’s Trending in 2022

Project management is the practice that is used to... Read More