Top 10 project management certifications

No matter what your IT role is, a project management certification can add depth, breadth and value to your skills. Here are the top 10 project management certifications, their requirements and their cost.

Project management certifications
Almost everything IT does can be considered a project — from hardware and software upgrades to ongoing security patches, virus scanning and spam filtering to application development and rollout itself. Adding a project management certification to your list of IT credentials is a great way to benchmark your skills for potential employers and show that you have the know-how to plan, schedule, budget, execute, deliver and report on IT initiatives. Here, CIO.com outlines the 10 most popular project management certifications.

Project management professional PMP
The gold standard in project management certifications, this rigorous test covers absolutely everything you need to prove your knowledge and skill in managing all of the triple constraints: time, cost and scope. The Project Management Institute (PMI) is this credential’s parent organization, and works continuously with businesses and academia to ensure relevance for the certification.

Requirements: Four-year secondary degree plus three years of project management experience, 4,500 hours leading and directing projects, and 35 hours project management education or a high-school diploma, five years of project management experience, 7,500 hours leading and directing projects, and 35 hours of project management education.

Cost: Computer-based exams are $405 for PMI members; $555 for non-members. Paper-based exams are $250 for PMI members; $400 for non-members.

URL: http://www.pmi.org/Certification/Project-Management-Professional-PMP.aspx

Certified associate in project management CAPM

This is the precursor to the PMP certification and also is administered by the PMI. Designed for professionals who want to achieve their PMP certification in steps rather, or for those with only rudimentary project management experience, the CAPM is a stepping-stone to the more rigorous PMP.

Requirements: High-school diploma or equivalent and at least 1,500 hours of project experience or 23 hours of project management education.

Cost: $225 for PMI members; $300 non-members

URL: http://www.pmi.org/Certification/Certified-Associate-in-Project-Management-CAPM.aspx

CompTIA Project+

This entry-level certification is roughly on par with PMI’s CAPM credential, though the requirements are less stringent. CompTIA’s Project+ solicits feedback from the entire computing industry, government representatives, research institutions, academia and independent experts to design the certification.

Requirements: One year of experience managing, directing or participating in small- to medium-sized projects is recommended.

Cost: $269

URL: http://certification.comptia.org/getCertified/certifications/project.aspx

Master Project Manager MPM

The American Academy of Project Management has modeled this certification after the professional licensure model that many professions such as pilots, engineers, doctors and lawyers follow. The AAPM focuses on professional project managers, but also includes those pros with business and technical management responsibilities.

Requirements: Three years of project management experience and training. Waivers are available for professionals holding a master’s degree, with other qualified training and experience, the military or project management instructors.

Cost: $300 for application, review, processing, review, initiation and certification.

URL: http://projectmanagementcertification.org/masterprojectmanager.html

Certified Project Manager CPM

This is an international, globally accepted and recognized project management certification, though it is mostly popular in the Pacific Rim region. It’s focused on skills like communications, finance, integration, information technology, marketing management, human resource management, risk and issue management, and quality management.

Requirements: Bachelor’s degree or above, or global equivalent; or certified project professional certification, plus a minimum four years project or program management experience (5,000 hours leading and directing projects), 36 contact hours of CPM project/program management training and must pass the CPM exam.

Cost: $370 certification fee; $70 annual fee and $70 annual renewal fee

URL: http://www.iappm.org/cpm.htm

Project Management in IT Security PMITS

The EC-Council was formed after the September 11, 2001 terrorist attacks to address issues of cyberterrorism and the information security of nations at large. This certification explores the complexities of managing an IT security project — and IT security skills are hot. The certification helps candidates reinforce their existing project management skills while tailoring them to the unique requirements of implementing and managing IT security within their organizations.

Requirements: At least two years of experience in information security and an educational background that shows a focus on security (Bachelor’s degree or higher preferred). Candidates may also opt to attend an EC-council training program before attempting an exam.

Cost: $250 (PMITS courseware)

URL: http://www.eccouncil.org/Certification/e-business-certifications/project-management-in-it-security

Associate in Project Management APM

The Global Association for Quality Management (GAQM), which administers the APM (as well as a Professional in Project Management and a Certified Project Director certification), is a global, not-for-profit certification body that offers credentials across a variety of IT specialties, including project management. The GAQM’s project management certifications are focused on a broad knowledge base and emphasize effective resource allocation, clear direction, adaptability to change, effective communication and assurance of quality deliverables at minimal risk. The APM program is designed for the entry-level project manager, or for those who want to start a career in the field.

Requirements: GAQM body of knowledge study and e-course; no formal education or experience requirements.

Cost: $300

URL: http://www.gaqm.org/associate-in-project-management

Professional in Project Management PPM

The PPM is a mid-tier project management credential from the GAQM. The GAQM’s project management certifications are focused on a broad knowledge base and emphasize effective resource allocation, clear direction, adaptability to change, effective communication and assurance of quality deliverables at minimal risk. The PPM is targeted towards intermediate to experienced Project Managers, who are involved in risk and crisis management, and who are involved in the day-to-day management of projects.

Requirements: GAQM body of knowledge study and e-course; no formal education or experience requirements, but candidates should have at least some project management experience in order to pass the exam.

Cost: $300

URL: http://www.gaqm.org/professional-in-project-management

Certified Project Director

The GAQM’s Certified Project Director certification is the credentialing body’s highest-level project management certification. This designation is designed for experienced project managers who are involved in directing multiple, complex projects and programs. The program focuses on managing, budgeting and determining scope for multiple projects, multiple project teams, and assessing and mitigating interdependent risks to deliver projects successfully. The CDP program is only for those who have significant project management experience.

Requirements: GAQM body of knowledge study and e-course; candidates must be familiar with principles and methodologies of project management and pass the PPM or equivalent exam.

Cost: $300

URL: http://www.gaqm.org/certified-project-director-cpd

Project management certificate

Many colleges and universities offer project management certificates through their existing business, management or professional education programs. Schools such as Villanova, University of New Haven, Stanford University and others (check your local college or university’s course offerings) have excellent project management programs and certificates; some for-credit, other not-for-credit.

Requirements: Varies based on educational institution

Cost: Varies by institution

Source: CIO.com-Top 10 project management certifications By Sharon Florentine

Advertisements

THE 4 WAYS CEOS ACCIDENTALLY MESS UP COMPANY CULTURE

MOST CEOS TRY TO CREATE AN ENVIRONMENT WHERE EMPLOYEES CAN THRIVE, BUT SOMETIMES THEY FAIL. HERE’S WHAT TO AVOID.

It’s no secret that CEOs have a massive impact on company culture. They set a tone to reflect the values and convictions of the organizations they lead. But sometimes CEOs take that impulse too far and wind up unintentionally throwing their companies’ culture off kilter. Here are the four most common ways that can happen.

1. THEY MICROMANAGE
Most CEOs like to make sure everything is just right, but they’re very busy people with a lot on their plates. Often without meaning to, some CEOs turn to micromanaging their employees, making managers’ working lives a nightmare. There comes a time when CEOs have to trust their teams to do tasks the right way—and to give them space to breathe. A CEO that can’t strike the right balance risks creating a suffocating culture.

2. THEY’RE INCONSISTENT
CEOs need a steady hand. When they don’t, employees are quick to notice if there’s no clear theme or motive driving their leader’s decisions, which tanks productivity and leads to unrest. CEOs often see their companies change rapidly and seldom intend to be so inconsistent, but it’s a culture killer nonetheless. They have to be able to communicate clearly with their team in order for everyone to stay on the same page. When core assumptions change, it’s up to the CEO to make their team aware of it.

Matt Stanton, co-founder of SolePower, tells me: “It’s so difficult to see an otherwise good CEO make inconsistent decisions. At best, it hurts culture, and at worst, it needlessly keeps their team frightened and on edge. Just like almost any other problem, it can be fixed through clearer communication. It’s such a shame to see it happen because it can be avoided so easily.”

3. THEY OUTSOURCE TOO MUCH
Outsourcing can be a great help by allowing companies to focus in on what they do while saving time and money in other areas. In terms of company culture, though, outsourcing can have some long-term effects that CEOs want to avoid. Establishing a strong team is crucial to the efficiency and growth of any business, and outsourcing too much makes it difficult to create that team and keep it intact. Instead, investing in building the right people to help them grow with the company is an excellent alternative.

4. THEY DON’T EMBRACE NEWER EMPLOYEES
In an ideal workplace, a CEO is highly protective of their team—and for good reason. A good team is essentially a family that creates an amazing culture where everyone’s skills are valued and put to optimal use. In some cases, though, a CEO’s protectiveness over that unit can go too far, making it tough for newer employees to really feel like they can settle in. Sometimes CEOs unwittingly create an in-group and an out-group, and newcomers can feel excluded right at the time they most want to make their mark.

Source: fastcompany-THE 4 WAYS CEOS ACCIDENTALLY MESS UP COMPANY CULTURE

What Gartner’s Bimodal IT Model Means to Enterprise CIOs

Gartner has identified a crucial tension in the proliferating demands on IT and prescribed a model to enable IT to respond to them with what it calls bimodal IT, a combination of old-style and modern IT practices. However, setting up two organizations won’t necessarily resolve the tension, and may, in fact, exacerbate it.

In 2014, Gartner introduced a prescriptive organization model for enterprise IT called “Bimodal IT.” It posits that IT organizations of the future will have two separate flavors, if you will: Type 1 is traditional IT, focused on stability and efficiency, while Type 2 is an experimental, agile organization focused on time-to-market, rapid application evolution, and, in particular, tight alignment with business units.

Here is one description of bimodal IT from a Gartner conference attendee — unfortunately, Gartner has not yet chosen to publish a full description of the concept that can be accessed by non-subscribers, although a good overview of it can be gleaned from the firm’s report outline.

While there was a flurry of discussion about this model and its meaning when it was launched mid-year, I believe that many commentators reacted to its surface features and failed to grasp its profound implications for IT organizations and especially IT leadership.

If one accepts Gartner’s perspective, it dictates a future for enterprise IT far different than most participants and vendors currently proclaim. Here are some things that, thus far, have not been made clear in the previous discussions about bimodal IT:

Bimodal is the ‘How’ But the ‘What’ is Profound

Gartner’s bimodal IT recommendation is a statement of how IT must be organized to meet the burgeoning requirements being forced upon it by business units. While there is discussion about what the Type 2 IT organization will build, it is usually focused on the consumer of the technology — the business units and what they want to accomplish with agile, fast-to-market applications.

The bimodal model is correct that a different set of expectations and approaches is probably necessary for IT to respond to this demand, but it does not address the fundamental and enormous change in technology and process required to deliver Type 2 applications. Stated straightforwardly, Type 2 IT is a DevOps world, and it will require new tools and processes.

Some IT organizations have cottoned on to this and are seeking to emulate the leaders on the frontier of the industry: Facebook, Etsy, and a raft of others. This is what has led to the birth of the Innovation Lab movement, and is the root cause of the coming war for developers.

The bottom line is that the organizational recommendations associated with bimodal IT are only a portion of what needs to be done to move IT capabilities to where they will need to be in the future; said another way, bimodal IT is necessary but not sufficient for what enterprise IT will look like going forward.

Gartner Has Thrown in the Towel on Traditional IT

Another way to understand bimodal IT, of course, is that Gartner has decided that traditional enterprise IT can’t change enough — or, at any rate, change fast enough, to meet what’s it being asked for.

Bimodal IT echoes a presentation I saw several years ago from Will Forrest of McKinsey, who said thatCEOs are so tired of how poorly their IT organizations are performing that they’re setting up separate organizations to pursue new opportunities.

The implication is clear — traditional IT is on borrowed time and faces a future where it is consigned to unimportance. It may, in fact, be too late for enterprise IT to do anything about this.

My comment at a recent Gartner conference when bimodal IT was presented was “sounds like the death knell for private cloud computing.” Lydia Leong of Gartner reinforced that at her AWS Reinvent presentation when she said that developers often refuse to use private clouds built by IT in favor of public environments like AWS. On the other hand, I recently saw an article quoting another Gartner analyst who said that the best way to begin using public cloud computing is to start with a private cloud, which implies that Gartner itself is not of a single mind on the topic of bimodal IT.

The implication of bimodal IT is that traditional IT is facing an awful future — one where it’s consigned to keeping the lights on for legacy applications but precluded from participating in what’s viewed as critical to the future of the company at large. In this world, IT is like an animal backed into a corner with no hope of escape — and any time an animal feels cornered it strikes back in an attempt to survive. In other words, bimodal IT sounds rather clinical and neat, but the reality is unlikely to be simple and civil.

This is one place that I believe Gartner fails to comprehend what this bimodal reality brings — or at least prefers to not address it explicitly to avoid frightening its clients. As this bimodal reality sets in, one can expect many companies to experience huge conflict as the two camps engage in pitched battles for influence, resources, and power. The topic may be technology, but the participants are human, and the result is going to be like any other domain where people fight over limited resources.

Bimodal IT is Too Neat a Distinction

It probably hasn’t escaped your notice that the bimodal IT model neatly mirrors the bifurcated application types described as “systems of record” and “systems of engagement,” with Type 1 IT responsible for systems that keep track of transactions, and Type 2 responsible for externally-facing applications that interact with important constituencies.

In this formulation, each type can stick to its knitting and focus on delivering what it’s asked for. However, as I just noted, it’s likely that these two different IT groups will joust with one another for power; more importantly, despite the neat separation implied by the model, the fact is that they will need to cooperate.

For Type 2 applications to really deliver value, they need to interact with transactional systems; after all, I don’t just want to have a mobile application that lets me interact with a loan officer, I want to use it to submit my documents, track my loan progress, and even sign off on the loan. This means the Type 2 application I’m using has to integrate with a back-office Type 1 application, which, in the Gartner formulation, means the two IT organizations will need to work together.

So in addition to the conflict described in the last section, there will also be, for want of a better term, coopetition as the two groups warily collaborate, perhaps under the watchful eye of a senior executive with enough clout to force them to, if not play together nicely, at least work together sullenly.

And the border of cooperation will, one can predict, prove to be an ongoing site of conflict, as the two IT types bring their perspective to bear as to how the interaction should proceed. The Type 2 IT organization will lobby for fast changes and more functionality more quickly, while the Type 1 IT organization will focus on stability and uptime.

In conclusion, one can say that Gartner has accurately identified a crucial tension in the proliferating demands on IT, and prescribed a model to enable IT to respond to them. However, setting up two organizations won’t necessarily resolve the tension, and may, in fact, exacerbate it as the two groups vie for resources and influence.

Because we are entering a time in which IT is much more crucial to the quotidian operations of all businesses, we should expect to see more and more companies experiment with different modes of operations in an effort to respond better and faster to what the market demands. To quote Bette Davis in “All About Eve,” you should “fasten your seatbelts because it’s going to be a bumpy night.”

Source: CIO.com-What Gartner’s Bimodal IT Model Means to Enterprise CIOs by By Bernard Golden  

How to cut back office costs with technology instead of outsourcing

Never was it more important for small, medium-sized and emerging fund managers to take technology seriously. With management fees under downward pressure, and both regulators and investors squeezing what can be charged to the fund, running every aspect of a small business efficiently can make the difference between success and failure.

Yet it is almost as difficult to find a technology vendor interested in smaller clients as it is to find a prime broker that wants to support a start-up. But Torstone Technology may be just such a firm. It began as a management buy-out (MBO) from the Financial Products division of KBC, the Belgian bank which ran into difficulties during the financial crisis.

Chairman and chief executive Brian Collings led the MBO. A Cambridge maths and computer science graduate, he had joined KBC when it acquired the convertible arbitrage business of hedge fund manager D.E. Shaw in 1999, and later helped the bank to integrate Peel Hunt, the brokerage business acquired by KBC in 2000.

As it happens, in the wake of the financial crisis, Collings also had to help KBC dispose of both the convertible arbitrage business (to Daiwa Capital Markets) and Peel Hunt (via an MBO in 2010). As CTO, Collings then found himself in an unaccustomed position. “My own history is 80 per cent front office and 20 per cent back office,” he says. “There I was, in charge of nothing but the rump middle and back office systems.”

Luckily, he knew both systems inside out, having overseen their development. This was because KBC, like most investment banks, lavished money on the finest vendor systems – Fidessa, Bloomberg, Sophis, Imagine and Front Arena – for its front office trading and investment, while allowing post-trade operations to rely on the once -industry standard but ageing GLOSS platform.

Now owned by Broadridge, even in the early 2000s the GLOSS technology was unable to support the high yield and equity and credit derivatives activities of KBC, or the massive trading volumes of its statistical arbitrage fund. Collings – after scouring the market for something better, but finding nothing suitable – elected to build his own back and middle office and portfolio accounting system, Inferno. This formed the foundation of what is now Torstone Technology.

With no front office activities to support in-house, following the divestments, Collings made the obvious suggestion to the KBC management, and offered to buy the Inferno system. They had ready-made clients, in the sense that KBC, Daiwa Capital Markets and Peel Hunt still relied on the technology. In fact, the earliest priority after buying the technology was to secure fresh multi-year contracts with KBC , Daiwa  and Peel Hunt.

The second priority, after the MBO was completed in January 2012, was to secure some genuine new clients for the re-branded Torstone Inferno back office system. Daiwa provided one of the earliest clients, in the unlikely shape of the Myanmar Securities Exchange that the Japanese investment bank had helped to establish back in 1996. It is currently reinventing itself as the Yangon Stock Exchange, and Torstone is expecting to recruit brokers on the exchange as clients as well.

Other third party clients recruited since then are an eclectic mix – United Kingdom broker N+1 Singer, inter-dealer broker GFI (now owned by BGC Partners), institutional trading network Liquidnet, and London-based institutional broker Panmure Gordon – but all share an appetite for trading in high volumes across multiple markets.

“It is important that Torstone emerged from an investment bank,” explains Collings. “In an investment bank, the front office is always going into new markets and asset classes, and we had to work out how to clear and settle trades in them very quickly.”  In fact, he boasts that Torstone Inferno is an alternative to outsourcing the back and middle office to a clearing agent such as BNP Paribas Securities Services, Pershing, Société Générale Securities Services and the emergent Accenture-Broadridge combination.

“Our competitors are not just IT vendors, but include outsourcing providers,” explains Collings. “In fact, with our technology, you can re-insource an outsourced back and middle office without increasing headcount. A growing number of firms have reached a tipping point, at which the pressure of regulation is such that they have to upgrade their systems, but the cost is prohibitive. The alternative is to outsource or find a new vendor. We are that new vendor. With us, you can keep your existing operations team together, and do it all in-house.”

While Torstone has so far aimed this proposition mainly at the sell-side, its technology is applicable on the buy-side, where a price point based on self-service ought to appeal to smaller fund managers.  It does not threaten managers reliant on their prime brokers. “Torstone has and always will stay out of the front office,” says Collings. “We do the middle and back office only.”

For fund managers, Collings highlights the trade confirmation, corporate actions processing, multi-asset class reporting, portfolio accounting and reconciliation and collateral management functionality of Inferno. “We are very good at consolidating a complex environment,” says Collings. “We consolidate data across the internal silos. We close the gap between the omnibus account of the prime broker or the custodian and the individual accounts of the underlying clients. On collateral management, we can help firms understand what inventory they have, and what they need to pledge or take in, across every portfolio of every fund.”

Torstone is also looking at the wealth management sector, which the leadership of the firm sees as a natural adjunct to its existing strength in retail brokerage. “They are client-facing, and transacting more business on-line, and we can make their operation more efficient,” says Collings. White-labelling the Inferno technology is another axis of growth. Brokerage in Japan, where sell-side back office systems are dominated by the I-STAR system offered by Nomura Research Institute, is also a target market.

But Collings is happy with the present rate of growth – the 22 employees at the time of the MBO in 2012 have now grown to 35 – and points out that existing clients, such as Daiwa and GFI, tend to add more functionality as they get comfortable with the Torstone technology. “We can go into a bigger organization to solve a particular problem, and then expand into other areas,” he says. “We are comfortable with our pace of growth at the moment.”

Source: cooconnect – How to cut back office costs with technology instead of outsourcing by Dominic Hobson

10 Ways Requirements Can Sabotage Your Project Right From the Start

It’s Time To Stop Project Failures Right At The Source…

Most Projects Managers and Project Management Offices just aren’t clear on these 10 major causes of project delays, budget overruns and outright failures.
This whitepaper  has the answers…

Our latest easy-to-scan visual white paper shines a spotlight on a major root cause of project failure in every organization—requirements. And while the first reaction might be to place blame on the requirements author, the Business Analyst, this is incorrect…

A glimpse at the REAL root causes revealed inside the paper:

  • The ‘elephant in the room’ when it comes to agile development—guaranteed to cause problems if not addressed
  • Why the benefits of collaboration rarely materialize on every project
  • How the trend toward outsourcing impacts requirements and what this means for PMs and the PMO

If you can’t name the 10 ways that requirements are causing projects to fail, this white paper is a must-read.

Source: blueprintsys-Fill in the form and download your copy of this visual white paper today.

How Tech is Disrupting China and India

The number of tech companies doing well and being launched is greater than at any time in history. Today, Facebook crossed the $250 billion dollar valuation mark in only three years following its IPO – a record. Moreover, it’s actually disrupting Google through its absolutely massive reach and the fact its woven into all our lives. Most recently, it’s launched an advertising network, has seen meteoric increases in video views and now wants to get a piece of the music video business. Google – although still considered a search monopoly has to fight the social media king in areas which were defensible just a few short years ago.

Google has its hands in so many markets you could actually consider it to have its own GPD on par with countries. And if the former can be disrupted – so can the latter.

China – for all its power and global dominance will see massive competition from 3D printing. As the technology gets better, 3D printers at homes and in regional distribution centers and even delivery vans will take a bite out of Chin’s GDP. Couple this with decreased energy prices in the US and more efficient factories due to the industrial Internet of Things and you can expect pain in large parts of Asia in the next five to ten years.

India, for all its power and dominance as an IT outsourcing powerhouse is seeing its dominance in the market wane thanks to cloud. Companies are relying on the cloud to do a lot of the back office work they used to rely on these companies for. Here is a salient excerpt from The Wall Street Journal:

David Smoley, AstraZeneca’s technology chief, said he expects to cut in half the $750 million the drug maker used to spend annually on outsourcing over the next two years. He said the number of people working on information technology also would drop by 50 percent.

Outsourcing accounts for around 20 percent of India’s exports of goods and services – a huge number and one which is at risk of continued decrease thanks to tech disruption.

We are at an unprecedented time in history thanks to technology. If you happened to catch Hillary Clinton’s speech yesterday you heard her

complain about how the “gig economy” is responsible for eliminating worker benefits. Once again, tech is disrupting something established… This time, the relationship between employers and workers. Sites like elance have been doing this for years, ditto for eBay but it seems we have reached critical mass with the success of Uber, Lyft and others.

In conclusion – tech does what it does best – it disrupts and allows new companies to take on established ones. By the time you read this you are likely also taking advantage of Amazon Prime Day – a fictitious holiday invented by Bezos and company which will celebrate the company’s anniversary and offer deals better than Black Friday. Of course Wal-Mart was forced to respond – to essentially offer a major sale day on “get this” the anniversary of Amazon’s first sale!

And that my friends is how disruption works… It allows new companies and new technologies to do things which keep the leaders of established companies and now, countries awake at night. Tech is agnostic – there are no sacred industries or monopolies… It will continue to change the way we shop, eat, ride, share and purchase our products and services.

Source: techzone360-How Tech is Disrupting China and India By Rich Tehrani

How to Develop Next-Gen Project Managers

Good project managers can be a key differentiator for a business, so your company’s investment in their development and training is essential. Recent studies and industry experts agree that next-generation Project Management Offices that actively engage in helping employees put the skills learned in training to work on the job result in higher levels of maturity and success

With IT investments rebounding, it’s time for companies to get it right when it comes to their project management professionals. Successful project outcomes require executive buy-in, training and a commitment to development of the organization’s project managers.

The next-generation project management executive that your company invests in will likely have the strategic technology, business and leadership skills to pull together tasks, see the big picture and meet company objectives. That alone, however, won’t be enough.

Organizations will have to renew their focus on talent development as they look to grow and gain competitive advantage. Then, says Margo Visitacion, vice president and principal analyst at Forrester Research, “A good project manager can be a key differentiator for the company.”

The Global State of the PMO

A recent study by ESI International — “The Global State of the PMO” — reports that next-generation Project Management Offices that actively engage in helping employees apply what they learned in training back on the job, reach higher levels of maturity in their role than organizations without active engagement. Similarly, the Project Management Institute’s (PMI) recent “Pulse of the Profession” report finds that PMO managers agree that having a career path that includes nurturing the skill sets of their project and program managers is one of the most critical factors for success and a company’s competitive advantage.

Companies that report higher project management maturity levels save a ton of money, according Brian Weiss, vice president practitioner markets at PMI. Companies reporting high project management maturity levels outperform low maturity organizations by 28 percentage points for on-time project delivery, 24 percentage points for on-budget delivery and 20 percentage points for meeting the original goals and business intent of projects.

Translated into project dollars at risk: More than $120,000 is at risk for every $1 million spent on projects.

Industry experts agree that a broad based development approach for project managers if fundamental. “This is about professional development — technical skills but also business and leadership skills” says Weiss.

J. LeRoy Ward, executive vice president at ESI International notes that when it comes to the types of training Pros invest in, company-specific methodologies and tools comes in first followed by an even split in investment in hard skills training, such as scheduling, cost control, quality, etc., and professional certifications, such as PMP, Prince2 and ITIL, for example.

“About 40 percent of organizations provide PMS soft skills around diplomacy and communication,” he adds.

Development of communities of practice among project managers across the organization helps to boost project management maturity via collaboration, knowledge sharing, and best practices.

Project Management Certifications Matter

On any given day on Dice.com, an online career hub for technology professionals, there are 2,200 project manager positions available that require a Project Management Professional (PMP) credential, up three percent from last year, according to Alice Hill, managing director of Dice.com.

Related Why Project Management Certifications Matter

The numbers show that certifications do matter. According to Dice.com, forty percent of technology consultants said obtaining a certification helped them land a new job which is about 10 percentage points higher that their colleagues working in traditional roles.

Still, certifications aren’t the be all and end all for project management professional success. “Companies today need project managers with strong organization and problem-solving skills that go beyond deadline management,” says Hill.

Project management is a lucrative role with an average annual salary of about $104,000, and with PMP credentials average salaries can jump to nearly $120,000.

Getting the most out of your project management staff requires that companies invest in their project management professionals. It’s a value-add that will only benefit the company.

PMI’s Pulse of the Profession found that almost 70 percent of organizations have a career path for those engaged in project or program management. However, the majority of these are still informal and not clearly defined and in writing.

With capital projects and company viability at stake, the research shows that leaving the development of the project management staff at stake is not a business savvy option.

Source: CIO.com-How to Develop Next-Gen Project Managers By Lynn Haber