The Importance of Project Management

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Project management is a business area that's seen a great deal of growth recently. There's a great need for professionals in project management, and many opportunities for those skilled in this field. If you haven't heard a lot about project management yet, be ready to hear about this business area growing in the future.

The Goals of Project Management

Project management will mean different things in different industries. However, the goal of project management in any company is to offer better results for less money. In some fields, project managers are responsible for overseeing several different departments and ensuring that they communicate well with one other. In other companies, the project manager may work more closely with one small team of professionals.

Increasing Importance of the Field

Putting greater effort into organizing projects upfront is the best way to manage expenses and cut costs. Financial management is becoming increasingly important as more businesses are facing financial hardships and a declining economy. About 60 percent of executives named project management as a top-three priority for their business according to a McKinsey & Co. survey. The value of a good project manager is something that more and more companies are realizing today.

Opportunities for Professionals in Project Management

Project management is a growing field with many great job opportunities. A PMI study indicated that there will be about 1.2 million project management jobs emerging over the course of the next decade. An Economist Intelligence Unit report from October 2009 revealed that a whopping 90 percent of executives believed that project management was critical or somewhat important to their business. Professionals equipped for these fast-paced, detail-oriented positions are sure to experience high demand.

Project Management Majors

If you're just headed off to college and you haven't chosen a major yet, project management could be a great area to pursue. Many colleges offer both a two-year associate's degree and a four-year bachelor's degree in project management. An mba project management specialization is also available for students who want to continue their education. Any MBA is a powerful tool for attaining success in the business world. One with a focus on project management is even better for those who have an interest in this field. Project management is a key phrase that will be heard more and more in important business conversations. Equip yourself for this job now, and you could have great opportunities ahead of you.