Advantages of Earning an MBA in Project Management
Project management involves a wealth of tools, techniques and strategies. Consequently, it really boils down to this: successfully completing projects makes businesses better. Above all, “better” means more efficient, profitable and innovative. Earning an MBA puts graduates in position to reach the pinnacle of their chosen profession.
The Importance of Project ManagementProject managers have become key players in successful business strategy. Attempting to get an edge on the competition is one of the main drivers of the change. According to a report from the Project Management Institute (PMI), 60 percent of organizations rank developing project management as a priority in their future plans. And 80% of companies report that project management was a key reason they weathered last decade’s economic recession. Project managers focus on establishing standardized, successful methods for developing, implementing and managing individual projects. Why is this important? Because many projects fail. That failure can happen in many ways. Projects may cost more than originally intended. They may suffer scope creep – taking on issues not originally planned for the project – and produce results that do not align with the original business intent. Or they may simply never get completed as a lack of oversight leads to projects withering and eventually dying. This happens every day in businesses around the world. Project managers work to prevent that and lead projects to successful conclusions.
Advantages of an MBA in Project ManagementClearly, having project management skills adds a new dimension to an MBA graduate’s talents. When combined with the foundational business education in business that an MBA offers, it can prepare graduates to take on highly important leadership roles. Here are just some of the advantages.
Job prospects.Those with an MBA already are in line to attain top positions in an organization. The addition of project management skills makes them even more marketable. According to the Project Management Job Growth and Talent Gap Report 2017-2027 from PMI, the number of project management-related jobs is expected to grow 33%. That’s 22 million new jobs.
Worldwide potential.A project manager has skills that travel well. The 22 million new jobs mentioned above include positions in the United States, Canada, Europe and Asia (especially China and India). Organizations around the world – including governments and nonprofits – are seeing the value in having qualified project managers.
Salary potential.Project manager salaries are not tracked by the federal government, which is considered the premiere source for such information. The online job site Glassdoor estimates that the average base pay for a project manager is $80,854. Also, keep in mind that this is only base pay, and that salary amounts can vary widely based on location and industry.
Big picture.Combining the education of an MBA with that of project management gives graduates a better overall picture of how projects can support overall business operations. By its very nature, it offers clear advantages. Project management is the future of business. Therefore, it’s a source of innovation and improvement in all industries. Earning an MBA with a focus on project management sets graduates up for challenging, rewarding leadership roles in this rapidly growing field.
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