Project Management

Earnings Potential

  • According to a 2006 survey commissioned by the Project Management Institute, full-time project managers in the United States reported median annual earnings of $96,000, including salary and bonuses (Vincenzo).

Facts at a glance

  • The Bureau of Labor Statistics does not classify Project Management as an occupation.  Instead, project managers are counted as construction managers or computer and information system managers when they work in those industries.  When they work in other industries, they are considered part of a residual category of managers (DiVincenzo).

Summary of what this career entails

Project management is essentially organizing and managing resources in a way that ensures those resources will deliver all the work required to complete a project on time and within budget (Wikipedia.org). 

Project Management is a broad occupational title which includes managers in various field like business, engineering, computers, real estate, construction, industrial, medicine, human resources, among others.  "Project management is comprised of five Project Management Process Groups – Initiating Processes, Planning Processes, Executing Processes, Monitoring and Controlling Processes, and Closing Processes – as well as nine Knowledge Areas. These nine Knowledge Areas center on management expertise in Project Integration Management, Project Scope Management, Project Time Management, Project Cost Management, Project Quality Management, Project Human Resources Management, Project Communications Management, Project Risk Management and Project Procurement Management" (PMI).

Examples and or details of work

Expert project managers are exactly what the city of Seattle needs to complete its upcoming major construction projects in the city.  In an article published on October 30, 2006, Seattle Daily Journal of Commerce writer Benjamin Minnick interviews Gregory Balestrero, CEO of the Project Management Institute (PMI).  Balestrero cites politics and poor project management as factors that contributed to the huge cost overruns associated with the Boston Big Dig construction project, the London Heathrow Terminal 5 project, as well as the Woodrow Wilson Bridge project in Washington, DC.  As Seattle gears up for major construction projects, Balestrero hopes local government officials will keep in mind how crucial competent and experienced project managers are to any major construction endeavor (Minnick).

According to Ruth Le Pla of Management The Leader’s Magazine project managers being heralded as the new heroes of the business world.  In an article titled "Are project managers the new superheroes?" published in May 2006 Le Pla says businesses are now using project management as a strategic tool.  "No longer the sole domain of specialists, it is gaining increasing prominence among management’s upper ranks" (Le Pla). 

Degrees that lead to this career

The best jobs go to candidates who possess at least a bachelor’s degree, although this is not a requirement for entrance into business or management-related jobs.  Certification, athough not required may help prove credentials.  Several universities offer master’s degrees in project management, while others offer certificate programs.  Subject like ethics, risk management, team building, mathematics, statistical analysis, decision science, cost-benefit analysis are useful (Vincenzo). 

References

Le Pla, Ruth.  "Are project managers the new superheroes".  Management The Leader’s

Magazine.  May 2006. 7 November 2006.          

            <http://www.pmi.org/prod/groups/public/documents/info/AP_PMSuperheroes.pdf>.

Minnick, Benjamin.  "Seattle's big projects need expert managers".  Seattle Daily Journal of

Commerce. Djc.com.  30 Oct. 2006.  7 November 2006.

<http://www.djc.com/rg/subscribe.html/1162933655>.

Project Management Institute. "About the Profession".  2005.  7 November 2006.

            <http://www.pmi.org/info/PP_AboutProfessionOverview.asp?nav=0501>.

Vincenzo, Tom "Project managers stay in charge and out front".  U.S. Department of Labor.  Bureau of Labor Statistics.  Summer 2006.  7 November 2006.

<http://www.bls.gov/opub/ooq/2006/summer/art03.pdf>.

Wikipedia.  "Project Management"  5 Nov. 2006.  7 November 2006. 

<http://en.wikipedia.org/wiki/Project_management>.

 

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