How Do Project Managers Add Value? Why Do Companies Need Them?
Large, complex businesses and organizations require a considerable amount of strategizing to run successfully. Therefore, the need arises for an individual or group of individuals responsible for planning and organizing projects to ensure that everything runs smoothly. These individuals are known as property managers, and they are highly in demand in a variety of industries.
Here is a closer look at the role of a project manager and how they add value to an organization.
What is a Project Manager?
A project manager is a professional responsible for overseeing the execution and completion of a particular undertaking. They are tasked with setting goals, procuring the necessary talent and resources, and supervising the project’s performance through to completion. These individuals are responsible for implementing six key aspects of a project: scope, schedule, financing, risk, quality, and resources.
Project managers must set critical milestones, organize and acquire the labor and resources necessary to achieve those milestones, and do so within the allotted time frame and budget. These individuals are highly in demand and can fulfill roles in various industries, from tech to healthcare. They may complete the project themselves, or they could manage a large team.
But whatever the project’s scope, project managers must be able to use the resources at their disposal to complete the assignment on time and on budget.
What Do Project Managers Do?
The day-to-day tasks the project manager is expected to complete will vary greatly depending on the company and the individual project. But mainly, their time will be composed of planning and strategizing their initiatives and communicating with team members to work quickly and efficiently.
Some of the key responsibilities of a project manager include:
- Creating a project timeline
- Communicating with key personnel and stakeholders
- Responding to delays or changes in the plan
- Making sure work is delivered on time
- Supporting other team members
- Allocating resources
- Reviewing the quality of the work
Project managers must possess organizational and leadership skills to be successful. They are not only responsible for creating a strategy to ensure the effective execution of the project, but they are also responsible for leading the team and making sure everyone does their part to get the job done. This takes not only analytical skills, it also requires highly developed people skills to ensure everyone on the team is delivering quality work on schedule.
What is Required to Become a Project Manager?
Becoming a project manager isn’t always something someone would become fresh out of college. It typically takes at least a few years of experience in a specific industry and a thorough understanding of how a company functions within that industry. For instance, if one wanted to become a project manager in construction, they would likely start out at a more entry-level position and then become a project manager after a few years of experience.
After gaining the requisite experience, applicants may then get formal training in project management. A project management certificate is an internationally recognized program that teaches applicants the skills to become project managers. While certification is not necessarily required to fulfill this role, it can certainly help if you’re trying to excel in your career.
How Much Does a Project Manager Get Paid?
The salary for a project manager varies significantly across different industries, although they do very well. The median salary for a project manager across all industries is $116,000, with most earning between $93,000 and $140,000. Several factors impact how much a project manager makes, including the industry, the business’s location, experience, specialization, and the company itself.
The project’s scope and the team’s size will also impact your compensation. But anyone who can become a project manager can expect to be compensated well.
Why Do Companies Need Project Managers?
There are a variety of reasons that companies need project managers. As businesses become increasingly more complex and sophisticated to keep up with the market’s demands, project managers become increasingly necessary to keep an initiative organized and on budget. You could have the most talented people in the world working at your organization.
But, if there isn’t anyone to lead and organize the team, then it isn’t easy to meet critical objectives. So, project managers are valuable because they manage and implement resources and talent to be as efficient as possible. As a result, project managers can often save companies time and money.
According to the Project Management Institute, 9.9% of every dollar businesses use is wasted due to poor project performance. So, for every million dollars invested in an organization, $99,000 is wasted because projects were poorly organized or inefficient. Skilled project managers can work to reduce these inefficiencies, resulting in less money being wasted due to poor performance.
Plus, quality control is another essential skill project managers bring to the table. While it’s essential to meet deadlines and stay within the allotted budget, it’s all essential the work is done well. Project managers can help maintain quality standards by checking the work and interfacing with team members to ensure that they have the resources and support they need to get the job done.
No matter how well planned and organized the project is, it’s all for nothing if the work is not up to par. So, project managers must ensure that the work is completed on time and done correctly. Project management is an exciting and dynamic career field that is highly in demand across various industries.
So if you are looking for a new career opportunity, you should consider looking into this important profession.