Project Management Skills

Project Management Importance

• Developing economies with substantial markets include Russia, China, and India, but not Europe.
• Low inflation triggers improved project management skills because it enables internal process improvement via project management.

Project Management Skills

• Projects, not repetitive tasks, are the basis for most value-added in business.
• The emergence of global markets has made project management skills more critical.

Project Management vs Process Management

• Project management skills are valued over process management experience by senior managers.
• Traditional process management duties like planning, organizing, and controlling apply to project management.
• Project managers must be technically proficient, goal-oriented, and assume leadership roles.

Project Management Challenges

• Projects are challenging due to departures from routine process-oriented work and face budget, time, and resource constraints.
• Resources must be marshaled from across the organization to overcome these challenges.

Importance of Projects

• Projects are crucial in helping organizations achieve strategic goals due to pressures like shortened product life cycles, narrow product launch windows, complex products, global markets, and low inflation.
• Projects are an excellent training ground for future senior executives in management.

Test your understanding of project management concepts, including its importance in business and triggers for improved skills.