Different industrial sectors are implementing projects from time to time. These are ideal for achieving short-term goals that are time-bound. This is the reason for companies to hire specialists who possess the skills for project management. But how much are organizations willing to pay? This is what we will find out here. But before that, let us see what project management is all about and what skills these persons possess.
What is Project Management?
It is the process of managing a task from idea to completion. It could be a small task like automating a function in a company or a big one like constructing a commercial complex. Governments undertake even more extensive projects like the construction of dams, bridges, and roads. A project can involve clients, vendors, and stakeholders. The different processes in a project are ideation, creation, execution, and closure. A project will include planning, team management, procurement, integration, controlling, and risk management.
Depending on what is to be delivered, a project has a time frame and a budget within which they must complete the work. The goals are fixed, and the deliverables are clearly defined at the start of the project. But unlike a product, a project doesn’t evolve based on customer requirements. Project managers must possess multiple skills to ensure completion on time and within the budget. This is why they are in demand, and companies are willing to pay them well.
Also Read: The Pathway to a Thriving Career in Project Management
Why is Project Management Required?
Project management courses in India will teach that this process is used to deliver a product that will benefit the organization. Project management is required where a task must be managed from forming the idea to completion. The task must produce or alter a product or service. It must also have a definite start and end. Project management is necessary where the work is complex and involves different teams with varied skills.
Usual businesses conducted by companies are not considered as projects. A project will be a temporary task in which a set of people come together for the time of the project. This means that these people are not always working together, and it requires great skill to get them to cooperate and get work done. The advantage of implementing a project instead of treating such jobs as regular jobs is that the goal is achieved quickly and without any distractions. All resources and money are earmarked separately for such a job.
The project needs to be managed very well for it to become a success. A project manager is appointed for this purpose. These professionals may handle more than one project at a time. They possess such extraordinary skills to take the project from start to end. An online project management XLRI course teaches their roles and responsibilities in detail.
Roles And Responsibilities Of A Project Manager
Activity & Resource Planning
No work gets done successfully without planning. This is especially true with projects because of the involvement of many different people and other resources. One must complete a project within the time and financial budget allowed. This means that there should be excellent planning before starting the work. Many projects fail due to bad planning. This is why project managers define the scope of work and determine the resources available to them. With this, they can make a realistic plan.
Good project managers understand their team’s capabilities and fix a realistic timeline for the completion of the project. They make a clear plan of how things should happen. They will have each stage of the project plan, including the goals for these stages. They will also have a method to track the progress and ensure it proceeds as per plans. There are always surprises in projects that can slow down work. Courses that teach project management for senior professionals teach how one must prepare for such unexpected events.
Building And Motivating The Team
An efficient team is critical for the success of a project. The project manager must know what skills are needed to complete the project and put together a team with all of them. The person must know every team member’s strengths and weaknesses before getting the unit ready. The project specialist will bear the onus for the success or failure of the project. The PM will divide the tasks into stages and assemble teams for each step. Some members may appear in two phases.
It is not enough to form a team. A project faces a lot of hurdles. These can sometimes demotivate the team members. The project manager must constantly assess the mood of the team. A discouraged team cannot deliver its objectives. There is a need for continuous motivation, and a PM can do this in many ways. Celebrating every small victory is one way to keep the people encouraged and happy. The person must use all methods to keep the team motivated, and the work is going on as planned.
Meeting Deadlines
A project is declared a success only if it is completed within the schedule. Project managers must meet deadlines, failing which, it can damage their reputation. The cost can also go up when there is a delay in completing the project. Team members can also feel discouraged when work doesn’t happen as planned. Good project managers know to keep the deadlines realistic so that slight delays can be made up. Maintaining a strict schedule for every task in a project is key to completing it on time.
The IIM Raipur project management course online teaches how important it is to define every activity and have it planned in sequence. This helps to maintain a strict schedule. PMs must make a correct estimate of duration for each activity. This comes from experience. New PMs must keep some allowance for managing delays due to other factors. This will enable them to complete the project on time, even if there are disruptions.
Costing And Budgeting
A project can include numerous types of expenses. Starting with the purchase of materials to paying salaries to team members, there are various ways in which money is spent. Every item must be listed and budgeted if the project must end within the planned cost. This is not an easy job and will be perfect only with experience. Time is not the only parameter by which projects are assessed. Staying within budget is also a factor that is considered when evaluating projects.
Also Read: Skill Sets that Successful Project Managers Must Possess
Courses for project management without PMP also teach that project managers must take into account price increases. A project can take many months to complete, and there could be price hikes in between. When budgeting, we should take such factors into account to end the project successfully within planned budgets. One must frequently review the cost to avoid massive overruns.
Satisfying The Client
Whether the project is being operated for the company or for a customer, the person who receives the completed project must be happy. Every project faces various obstacles, and many of them exceed in time and cost. This is not something a client wants. Even if it is for one’s own company, the stakeholders will not be happy with delays or excess expenses. The ideal thing to do is to minimize uncertainty with good planning.
Good project managers take everything into account to avoid unpleasant surprises. Another way to keep the client happy is to keep them updated on the progress. Regular communication is essential. This helps the customer to know if there are any delays or cost increases. Conveying the progress of the project makes customers happy. They will know exactly where it stands and when they will complete it. Customers will accept delays and price increases if they are notified in advance with proper reasoning.
Managing Risk
All big projects come with a lot of hurdles. There are numerous tasks to be completed. There are people from different educational and social backgrounds to deal with. They are not all familiar to the project manager. This makes managing them so much more difficult. There can be machine failures and the non-availability of materials. All these can delay the project. Some events can even result in having to restart the work again from the start.
Project managers know that they cannot avoid risks. But they can be prepared for it and reduce its effect on the project. A good PM will predict what risks can happen and be prepared to face them. The person will make alternate arrangements to ensure that the project doesn’t get delayed. But other risks cannot be predicted. The project manager must have the capabilities to manage such situations and quickly get out of them.
Tracking Progress
The goal is always in mind at the start of a project. Both the PM and the team members are clear about the objectives and work towards them. Everyone knows that most projects prolong for a long time. They also face a lot of problems on the way. This can make their focus get distracted. Sometimes the objectives are forgotten, and only short-term goals remain in mind. But the PM must keep reminding the team members of the objectives.
Also Read: What are the Different Career Options Available in the field of Project Management?
It requires regular monitoring of the project to keep it on track. The progress must be evaluated frequently to understand how much time they have to complete the project. When there are hurdles and any deviation, such tracking measures will help bring the project back on rails. Tracking also helps to motivate the team members when they know how much work they have completed.
Reporting And Documentation
A project manager works for a company. The person is accountable for all aspects of a project. PMs must report everything to the project owner or company. There are expenses to be submitted, reports on progress to be given periodically, and documentation of the process to be done. If there are clients involved, then reports must be submitted to them too. Presentation is an important part of project managers’ job, and they must do it well to show their capabilities.
It is also very important to document the progress of the project. PMs must well document all the failures and successes. This is done once the project is closed. These reports will help to know where there have been mistakes and how they have happened. These are lessons for future projects. Every project is a new experience, and there is something to learn from it, and it helps PMs to improve themselves.
We have seen what responsibilities a project manager has. We must understand how the person completes these jobs. What activities does a PM undertake in a day?
A Project Manager’s Day Explained
1. Communication With Team Members
Communicating with team members is essential daily. This could be through calls, emails, chats, or meetings. It is crucial to understand the status of each work from the team members. They can also communicate any potential problems and find answers for them. Daily communication is essential to make sure that the team has the final goal always in focus.
2. Communication With Stakeholders
Regular communication with stakeholders is equally important. It is necessary to reassure them that the work is progressing as per schedule. If there is any delay, the same must be explained, and reasons were given. Stakeholders must also understand that the project is being implemented as per the changing company needs. This communication can be through calls, emails, or meetings.
3. Resolving Issues
No project goes exactly as planned. There will be a number of problems to be resolved almost daily. Projects can go beyond the budget. There can be a sudden absence of certain resources. Changes in project goals can occur. Project managers must resolve all issues immediately if the project must proceed to meet deadlines.
4. Finance Management
A project manager must also be an able finance manager. The person must ensure that budgeting is done correctly and the project doesn’t exceed it by too much. These professionals must look at expenses daily for large projects and ensure they are not too much above budget. A PM must also check invoices from vendors and approve them for payment.
5. Time Management
Due to various unexpected events, projects don’t follow the fixed schedule. The manager must keep an eye on how it is progressing so that the project doesn’t get too delayed. If there is a delay, then reallocation of resources must be done to work more and get back on track. Keeping track of activities daily helps to achieve deadlines.
6. Team Building
A good team is vital for the completion of projects on time and within budget. Project managers must make sure that they have a cohesive team that works together. There must be continuous watching over the team to ensure that there are no differences of opinion between members and that everyone is doing their bit. After a particularly tough project, it is good to have an informal meeting over lunch to rejuvenate the team.
Looking at the responsibilities of project managers, it is pretty evident that these people must possess extraordinary capabilities to complete projects successfully. It is not just technical knowledge that can make a good PM. They must have various other skills like good communication, the ability to keep a team together and to solve problems quickly.
Also Read: Project Management Vs Product Management: Which Is A Better Career Choice?
Skills Needed For Project Management
1. Leadership
This skill is essential for all managers but is especially so for project managers. They must get work done by different teams that may not have worked together before. This needs the caliber of a good leader. Managing a project and completing it successfully is no child’s play. It requires a lot of skills. But most importantly, one must be able to lead and inspire the team members to work efficiently and achieve objectives. As a leader, the PM must show how to tide over obstacles and maintain the timelines.
2. Communication
A skill that every leader must possess. When it comes to project management, one doesn’t just communicate with the team but also with outside entities. There are vendors, contractors, and clients to handle. Communication must be performed using various tools. Apart from regular interaction using emails and phones, project managers must also know how to communicate through other methods like reports, PP presentations, and file-sharing apps. A PM must also be good at using collaboration tools for real-time communication with team members on the latest status of the project.
3. Scheduling
Project management courses in India teach that all project managers must necessarily possess this hard skill. Time is a critical factor in any assignment. No company or project owner wants to see the project delayed. Sometimes the success of the project itself depends on completing it before a competitor does. Project managers must know how to schedule a project realistically so that minor delays can be made up in the course of time. There are tools to help them keep time. An online Gantt chart is the ideal way to keep track of the timing of multiple projects.
4. Risk Management
Projects are rife with risks. There are various types of dangers that can befall a project. There can be machine failure, lack of workforce availability, change in market needs, financial difficulties, etc., which can put the project on hold. Any delay in finishing the project can lead the company to a heavy loss. There are other ways that projects can be stopped entirely. Risks must be analyzed and quantified before starting the project. This helps to mitigate the losses that the project will suffer. PMs must put in place a system to absorb the effects of sudden risk and money loss.
5. Cost Management
Those attending courses for online project management from XLRI know how important budgeting is for a project. All project managers must attempt to make a realistic budget with provisions for any extra expenses. But this is easier said than done because most companies and clients come with a very tight budget for the project. PMs must be experts in cost management to complete the project without exceeding the budget by too much. They must try to wrangle the best prices from suppliers of products and services.
6. Negotiation Skills
Talk about getting the best prices, and we come to the next skill that every project manager must possess. They must be able to get the best prices and be able to use their negotiation skills for other purposes. Stakeholders are sure to make demands that are not easy to fulfill without affecting the project adversely. A PM must be able to push back without anyone feeling so. Negotiating for resources is another skill to be developed. Companies do not provide all resources without much negotiation.
7. Critical Thinking
Most of the time, people are not thinking. They just ask out of instinct in many situations. But that will not be an accurate decision. This kind of automatic reaction will not solve problems in a project. A project manager must be able to detach from the situation and think about an ideal solution. The decisions should be made impartially. All decisions must be made on hard facts and not on emotions or hearsay. Critical thinking skills help a person look at issues objectively and analyze them to find the best solutions.
Also Read: Role of Project Managers: IT and beyond
8. Task Management
It is not enough to make a good plan. Scheduling tasks gives you an idea about when to start something and how long it takes to complete it. But actually, doing a job is very different from planning or scheduling it. In many projects, most of the tasks can get delayed or moved to other times. The priority of various tasks keeps changing as the project progresses. Clients may want changes in the end product. All these must be managed efficiently. Project managers can use various tools for managing tasks.
9. Quality Management
Courses on project management for senior professionals teach students that this is something that many project managers overlook in their busy schedules. But there is no point in delivering a product promptly if it doesn’t have the required quality. Along with looking at the project’s timely completion, PMs must also ensure that all the work done is of the highest quality to deliver the best results. The person must also check the quality of all goods that come from vendors. Any of these can be the reason for a product that is below par in quality.
10. Technical Skills
Technology is constantly evolving, and a project manager must stay abreast of all the latest developments. In every area like communication, reporting, task management, and other jobs that a project manager must complete, there is continuous upgrading, and new tools are available to make work easy. Sticking to the old methods will take more time and make a project manager’s work more stressful. Another reason for migrating to the latest tools is that the team will use them, and the PM cannot be seen as still using old technology.
11. Organizing Skills
Those attending the IIM Raipur project management course online will learn the importance of remaining organized. A project manager has to multitask. This means that these professionals must be able to prioritize and know which tasks they must attend to first. Keeping everything organized helps to complete all tasks without delay. Organizing skills also mean keeping all documentation in proper order for future reference at any time. Project managers must also be able to make sure that others are working with the same goals in mind.
12. Motivation
Those attending courses in project management without PMP know that being motivated is highly essential for a project manager. Various situations can discourage a person and prevent them from working efficiently. But a PM must remain motivated and make sure work continues promptly even in the face of many failures and hurdles. It is not enough for them to stay encouraged but also keep the team members in good humor. They must remain motivated till the project has ended successfully.
13. Reporting Skills
Project managers are answerable to various people. There are company bosses, clients, and other stakeholders who must know the progress of a project. A project manager must prepare reports to make each of these people understand where the project stands and what issues must be solved. All of them cannot be given the same reports. PMs must also know the correct language to use for reporting so that others can understand easily. They must be familiar with the use of reporting tools for this purpose.
14. Interpersonal Skills
Project managers must interact with a variety of people from different backgrounds. All their team members will not be from the same educational or social environments. This means that each of them will have to be dealt with differently. They must develop good relationships with all the team members so that they cooperate well and go beyond their call of duty when a crisis occurs. The PM also has to maintain excellent relationships with many departments to get the necessary resources. Project managers must also deal with clients.
15. Conflict Management
Wherever a group of people works, it is difficult to avoid conflicts and differences of opinions. Different individuals in a project come from different backgrounds and have their own opinions. These people may not have worked together before as teams keep changing from project to project in a project. This makes it even tougher to avoid conflicts. Each of these persons will also be working towards their individual goals while contributing to the company’s goal. This is an additional reason for disputes arising. Project managers must efficiently defuse such situations and ensure work progresses smoothly.
If a person puts in a lot of effort to get qualified and acquire the above skills to become a project manager, the job must also be equally rewarding. Is the PM’s job lucrative in India? Is there a demand for project managers, and how well are they paid? We will answer these questions here. Firstly let us see the demand for such persons.
Also Read: Turn your projects into profits with Project Management from XLRI
Demand For Project Managers In India
According to The Economic Times, the project management profession is likely to see increased demand over many other specialties. This is because most companies have realized the advantage of handing over specific jobs to project management teams for successful completion within the deadline. According to the Project Management Institute’s report, there will be a huge requirement for such professionals.
By 2027, India will have the second maximum number of project manager jobs globally. Around the globe, it is expected that there will be around 22 million PM jobs.
The reason for such growth is the growing industrial sector in the country. As the economy grows and the pandemic is seen to be waning, there is bound to be excellent development in the country across all sectors. Construction, manufacturing, insurance, finance, and IT are the main industries that will contribute to this profession. This demand for skilled PMs will fuel a rise in salaries for this job. This means that those who are already in the job can look forward to excellent growth in their careers, and fresh graduates can enter the profession with good salaries.
It is sufficiently evident that there is a very high demand for project managers, and this will continue at least till 2027, as per present reports. That means that the salaries will also remain high along with excellent growth prospects. Knowing that is not enough. One must understand what factors affect salaries for project managers.
Also Read: What Skills Must You Acquire To Land Top Project Management Jobs?
Factors That Affect PM Salaries In India
Company & Industry
The size of the company and the end-product value will most probably decide salaries for project managers. Project management courses in India teach that another factor that affects PM’s salaries is the industry they work in. Different industries have different salary structures. This can also keep changing according to market trends. Certain industries do exceedingly well during certain periods. At those times the salaries for all employees in these sectors will be very high. One must look at the trends and then decide where one wants to work.
Experience
Experience plays a big role when deciding pay packets for project managers. While this is true for most jobs, it is a critical factor in a PM’s job. This is because the experience in completing a number of successful projects makes a person more efficient and knowledgeable. Every project teaches many valuable lessons. The information gathered from completed assignments can be used for subsequent works. It helps to improve their quality greatly, and delivery can be made quicker. All these can be done without any increase in cost, which is another critical factor.
Location
Assignments in all industries don’t happen in all locations. Different states in India are famous for different industrial sectors. The number of projects happening will also differ accordingly. The number of IT projects may be high in some states, whereas construction work will be more prevalent in other regions. This will also decide how much a project manager will be paid. The other aspect that influences the pay packets is the size and status of the location. A big city will certainly be more lucrative with regard to salaries than a smaller town.
Skills
Nothing can make project managers more valuable than the skills they possess. The more relevant skills these professionals possess, the better they will get paid. This is why it is beneficial to acquire as many skills as you can obtain. Online project management XLRI courses help students gain the necessary skills for the job. Attending a management course with a special focus on specific industries can also help in getting higher pay. It is not enough to have these skills, but one must exhibit them through their resumes and during interviews.
Also Read: Benefits of Online Project Management Course
Salaries In Various Sectors And Locations In India
IT Sector
While discussing salaries, it is better to start with the sector that is doing exceedingly well in India presently. The IT sector employs a lot of project managers for completing various projects depending on client requirements. The project managers are tasked with executing the projects from the planning stage till closure. As the salaries vary with experience and location, it is best to look at them that way.
| Location | Early Career(INR) | Middle Career(INR) | Experienced(INR) |
| Bengaluru | 880,000 | 1,357,000 | 1,853,000 |
| Noida | 390,000 | 1,308,000 | 1,687,000 |
| Chennai | 580,000 | 1,149,000 | 1,536,000 |
The most valuable skill in the IT sector is agile software development. Those with this specialty can earn more than others. This is because this method allows for changes in the objectives as market trends change. The other skills that are in demand are project management and project coordination. According to courses in project management for senior professionals, skills like business analysis and Microsoft Excel don’t earn anything extra for the project manager.
Construction Industry
This is another industry that undertakes a lot of projects. Various commercial buildings are being constructed across the nation. Each one is a project, and the PM is expected to complete these on time. Most projects are undertaken by construction companies for their clients. This means that the PM must answer various queries by the company and the client. The main job is to procure high-quality materials and arrange for efficient sub-contractors for different jobs.
| Location | Early Career(INR) | Middle Career(INR) | Experienced(INR) |
| Mumbai | 650,000 | 750,000 | 1,365,000 |
| Delhi | 720,000 | 819,000 | 1,166,000 |
| Bengaluru | 580,000 | 786,000 | 1,152,000 |
The skills learned at the IIM Raipur project management course online that fetch the best salary are project management and contractor management. Most construction companies employ a lot of contractors for their projects. This is because there can be various sections in construction that need specialized handling. Electrical and plumbing work cannot be handled by the same experts. Managing these different contractors is a tough job, and people with such skills are highly valued in the construction industry.
Engineering Industry
Though the industry is known by a single name, the projects can be vastly different. Each engineering sector will require specialization in that field. These PMs are tasked with designing and developing new products. They must follow stringent quality control. Many products may also require strict adherence to safety standards as set by the government. Proper testing must also be done before handing over the product to the client or a specific department in the company.
| Location | Early Career(INR) | Middle Career(INR) | Experienced(INR) |
| Gurugram | 650,000 | 1,283,000 | 2,100,000 |
| Bengaluru | 400,000 | 1,400,000 | 1,447,000 |
| New Delhi | 555,000 | 1,000,000 | 1,800,000 |
Along with project management, engineering design is a skill that earns more in this industry. The design of a product or system can decide its efficiency. The engineering industry is constantly looking for products that can increase the efficiency of any system and reduce power costs. The other skills that fetch salaries higher than average are budget management and MS office.
The other sectors that pay well for project managers who have completed project management without PMP are pharmaceuticals and marketing. Bengaluru is known to pay the highest for this t at all experience levels. In the marketing sector, those working in Chennai get the best salaries.
Wrapping Up
Though project management is a highly lucrative job, not everyone can perform it successfully. It is not just a certificate that matters. One must acquire all the necessary skills for the job either before entering the profession or at least in the initial few years. This will help to get the best placement and salaries.
More Information:
Skills Required For A Career In Project Management
Benefits of Building a Career in Project Management
How to Build a Thriving Career in Project Management?
What Kind Of Jobs Can You Get With A Project Management Certification?
