It is difficult to think of any management professional who does not require some level of project management skills. If the workplace of the early 21st century was characterized by increasing VUCA (volatility, uncertainty, complexity, and ambiguity), the post-COVID world has been described as BANI (brittle, anxious, non-linear, and incomprehensible).
How do today’s managers cope with projects that are described on an increasing scale of complexity – the so-called Cynefin framework? This framework describes projects as simple (clear, obvious, known characteristics), complicated (known unknowns), complex (unknown unknowns), and very complex (chaotic, unknowable characteristics).
In our complex and uncertain world, which MBA provides a jumpstart for a Project Management Professional?
The World of Project Management
Project planning methods can be applied to any project, in any industry. While it is true that not all business activities are project-based – routine operational work and handling customer service inquiries, for example, do not require project management skills – these techniques have formed the basis of a lot of management activity since the 1950s.
There is a good reason for this. The success of any project depends on the alignment of four key managerial responsibilities, often referred to as the four Ps: plan, process, people, and power (also referred to as the four functions of management: plan, organize, lead, and control).
What Defines a Project?
A project is characterized by five important features:
- It has specific start and end dates.
- It is performed and completed by a group of people.
- The output is the delivery of a unique product or service.
- It is temporary in nature.
- It is progressively elaborated or expanded.
Common to all projects, too, is that they focus on three important goals: time, quality, and cost. For any project to be judged a success it must be completed on schedule, within an agreed budget, and according to previously agreed quality standards.
An MBA is generally regarded as a solid all-around postgraduate business qualification. Increasingly, however, professional certifications provide greater job marketability within the MBA ranks. Examples of such professional certifications are the Certified Business Analysis Professional (CBAP), Certified Supply Chain Professional (CSCP), CRM (customer relationship management), and inbound marketing certificates.
Advantages of MBA with Project Management
Having an MBA on your CV is already a highly sought-after qualification. An MBA from one of the top European or American business schools is a further feather in your cap, guaranteeing an advanced education in general management with an understanding of the major fields of finance, marketing, operations, HR, international business, IT systems, and technology.
Choosing a top business school will also provide invaluable networking opportunities with other business professionals, as well as providing lifelong connections with faculty and fellow students.
Job Market Demands
Project Management is one of the most in-demand qualifications in the job market today. One study predicts that 25 million new project professionals will be needed worldwide by 2030. The demand is across the board in different industry sectors, led by manufacturing and construction, information and publishing, finance and insurance, and management and professional services.
Much of this demand has been spurred by the boom in jobs created in software development and AI, especially mobile applications, IT security, and healthcare technology.
This demand has led to a commensurate jump in salaries in this sector. The same report states that “…the average project management-oriented salary is substantially higher than other occupations in industries with significant project management requirements—$111,399 versus $62,572…”.
All indications are that the demand for suitably qualified and experienced project managers is projected to far outstrip the supply. It’s a good market to be in right now, and for years to come.
Is there a downside?
One challenge of entering and succeeding in this market is that it continues to evolve so fast. There is a constant need to upskill in order to keep abreast with – never mind ahead of – the pack. This leads to the following challenges:
- High Pressure: Managing tight deadlines and high stakeholder expectations.
- Constant Learning: Keeping up with new methodologies and technologies.
- Risk Management: Navigating uncertainties and mitigating risks effectively.
These challenges are not unique to project management, of course. As one commentator put it, when discussing machine learning capabilities: In only a few years, these (AI) models have gone from being curiosities to being integral to the work routines of many people.
Instead of being a downside, most young professionals eager to be at the forefront of change will embrace these challenges as stimuli to even greater effort and success.
Which MBA?
Responding to the demand, business schools have introduced programs tailored to the growing job market demand. EU Business School now offers a choice of eight business majors, including international business, digital communication, entrepreneurship, and digital business within the MBA.
EU also offers nine industry-specific master’s programs for students who want to learn the latest trends and business models. These include courses in management, artificial intelligence for business, digital marketing transformation & design thinking, and business analytics & data science.
