What will you learn in an MBA in Project Management?

MBA in Project Management is a two-year postgraduate management program that focuses on educating students on strategically taking decisive action in a dynamic environment. The MBA in Project Management course teaches students how to plan, lead, and accomplish a company’s most important objectives. An MBA in Project Management provides a wide range of employment opportunities with significant prospects in a variety of industries, including construction and information technology.

The MBA in Project Management covers important topics such as accounting, finance, project management information system, data analytics, and other relevant to Project Management subjects. Aspirants planning to start a career in project management can opt for a wide range of career opportunities in different sectors. According to the U.S. Bureau of Labor Statistics, project management careers are projected to grow by 7% between 2021 to 2031, with around 70,400 openings for project management specialists. Thus, the project management scope is growing rapidly and looking bright for individuals planning to get into the domain.

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What is an MBA in Project Management?

Here is an overview of the MBA in Project Management course:

Duration	2 years
Course level	Postgraduate
Eligibility	Bachelor’s degree with the required work experience
Course fee	INR 1,50,000
Admission process	Merit and entrance based

Eligibility 

A candidate must meet a list of educational requirements to be accepted into the MBA Project Management program. Here are a few of those standards discussed:

• A 10+2+3 year bachelor’s degree with at least 50% aggregate from an accredited institution. (45% for reserved categories)
• A valid score in aptitude tests such as CAT, MAT, CMAT, XAT, and GMAT.
• Candidates without an aptitude test score have to clear the online admission test.

MBA Project Management Syllabus

The first year of the MBA program in project management concentrates on the fundamentals of business and management, while the second year’s curriculum covers electives and fields for specialization. Here is the MBA with Project Management syllabus:

First Semester	Second Semester	Third Semester	Fourth Semester
Management Process and Organizational Behavior	Production and Operations Management	Research Methodology	Strategic Management & Business Policy
Business Communication	Financial Management	Legal Aspects of Business	International Business Management
Statistics for Management	Marketing Management	Introduction to Project Management	Business Leadership
Financial and Management Accounting	Management Information System	Project Planning and Scheduling	Quantitative Methods in Project Management
Managerial Economics	Operations Research	Project Finance and Budgeting	Project Risk Management
Human Resource Management	Project Management	Managing Human Resources in Projects	Project Quality Management
			Contracts Management in Projects
			Project

Scope of MBA in Project Management in India

 

The Project Management scope is very promising. India is also aiming to earn the title of a global superpower. MNCs moving here are certain that India has a large pool of skilled professionals who can manage their projects well and support them. 

Graduates with an MBA in Project Management can typically find employment in various sectors. The average annual pay of Project Managers is ₹ 14 LPA. Individuals with an MBA in Project Management can work in various roles in any associated client-based firm after earning an MBA in project management.

Let’s look at some MBA with project management jobs:

1. Project Manager
2. Project Risk Manager
3. Project Cost Estimator
4. Project Quality Manager
5. Project Leader
6. Project Procurement Manager
7. Project Scheduler
8. Project Planner
9. Engineering Director

Job titles for an experienced MBA project manager:

1. Project Analyst
2. Project Management
3. Executive
4. Director of Operations
5. General Manager

Career prospects after MBA in Project Management

Let’s take a closer look at a few job descriptions:

• Project manager – A project manager’s duties include planning, budgeting, supervising, and documenting projects. They are in charge of the workers on a project, so they must be completely familiar with management techniques. In the majority of construction, engineering, architecture, and industrial projects, a project manager works side by side with another manager who is usually in charge of carrying out tasks daily. Project managers must continuously monitor the project until it is finished.

• Project cost estimator – To determine the amount of time, money, labor, and resources needed to finish a project successfully, project cost estimators gather and analyze data. The project is typically simulated using computer software, including databases. The management or investors are then given the data. Project cost estimators typically focus on a single sector or type of product. 

• Project leader – A project leader is an expert who manages teams and ensures the project is completed on time. A project leader interacts with the team, inspires them, attends to their requirements, and promotes a welcoming, productive, and effective work atmosphere.

• Project planner – A project planner is a committed team member with sole responsibility to plan and oversee numerous projects from start to finish. They are in charge of figuring out the project’s scope, resources, costs, and schedules to guarantee that the project stays within budget and on schedule.

• Project risk manager – A project risk manager’s job is to examine the risks involved in a project and how they can be mitigated. They offer hands-on risk model building for market, credit, and operational risk, ensure that controls are working properly, and support research and analysis to avoid risks.

Skills you need for a successful career in Project Management

Here are some of the essential skills that are required for a successful career in Project Management:

• Project planning and scheduling 

Project planning is an important project management skill because it acts as the foundation of the project management cycle. It includes the project schedule as well as expenses and resources. Traditional project management is built on advanced planning. The planning phase of any project, then, lays the groundwork for everything that follows, including the project’s outcome.

When drafting your project plan, the project scheduling procedure is a crucial step. Tasks, teams, and time are organized in a project schedule so that it can be completed successfully and on time. People frequently consider project schedules, deadlines, and deliverables when considering project management competency. However, project scheduling goes beyond that since it also takes into account risk management and resource management.

• Technical skills 

While discussing specific skills, it should be noted that technical skills for professionals in project management entail a certain level of background-related technical knowledge. Some of the most valuable hard talents include HTML5, C, etc., and a project manager’s level of technical expertise can take them from mediocre to an expert level.

• Budgeting 

The project budget serves as the project’s energy source. Project management is only a concept without a project budget. Creating a project budget, however, is only one aspect of the process. Budget management entails tracking costs throughout the life cycle of a project and ensuring that actual costs remain within the estimated budget.

• Cost management 

Projects are expensive, and the planning phase of project management includes developing a budget. Once a project budget has been established, budget management must be used to keep expenses under control during the execution phase.

• Risk management 

Risk is a part of project planning, regardless of its size. You must establish a risk management strategy before the project is carried out in order to recognize, evaluate, and manage risk. The better you are at managing risk, the more likely it is that your project will be successful.

• Team management 

Cooperation is essential in project management. Project managers must have strong interpersonal skills in order to keep their teams running smoothly. Establishing teamwork and a positive workplace necessitates an understanding of conflict resolution. It’s usually a good idea to start projects with team-building exercises in order to foster relationships that will last through the project’s challenges and triumphs.

You can also read, Is an MBA worth doing for a fresher without work experience?

Launch your career in Project Management with an MBA through Online Manipal

 

The online degree programs at Manipal University Jaipur emphasize self-paced learning supported by video lectures and self-learning resources like reading material, e-books, and assignments. You can give your career an essential boost by completing an MBA in Project Management. It is a 2-year program that allows you to enter executive and managerial roles and increase your earning potential. 

The key subjects and topics taught in the program include – Introduction to Project Management, Project Planning and Scheduling, Project Finance and Budgeting, Managing Human Resources in Projects, Quantitative Methods in Project Management, Project Risk Management, Project Quality Management, and Contracts Management in Projects. The total course fee is INR 1,50,000, and the fee per semester is INR 37,500. MUJ also offers placement assistance and scholarships to help individuals land their dream jobs.

Conclusion

 

Thus, there are various opportunities for individuals planning to advance their careers in Project Management. Careers in project management involve organizing, monitoring, and concluding a project on schedule and within budget. A project manager or a group of project managers work as a team to accomplish the desired goals. So, enroll today in the online MBA in Project Management from MUJ to start your successful career in the domain.