What will you learn in an MBA in project management?

If you’re planning on enrolling for an MBA course, this blog will guide you on the course details of an MBA in Project Management. The MBA in Project Management is a two-year postgraduate course divided into four semesters. We shall discuss the MBA Project Management skills and lucrative career opportunities after course completion. The MBA in Project Management syllabus is designed to train students to become successful Project Managers, Project Schedulers, or Contract Managers. The course focuses on training students to effectively handle complex projects along with risk management and cost control. It equips students with the skills to improve business structure and lead teams efficiently. 

Project management course content

The Project Management course content comprises core subjects in all 4 semesters with specialization subjects in the 3rd and 4th semesters. 

Some of the core subjects are:

• Managerial Economics 
• Financial Accounting 
• Operations Management 
• Legal Aspects of Business 
• Strategic Management

The foundation or specialization subjects covered in the 3rd and 4th semesters are focused on training students to handle the entire project cycle. Let’s take a look at some of them:

1. Project planning and scheduling

This subject focuses on the most important part of any project – the planning phase. During the planning phase, an action plan is created that determines the steps to be taken to achieve the specific goal. The scope of the project is determined and the key risks are identified in this phase. In the scheduling phase, resources such as equipment, time, and team members are allocated. It consists of the following steps:

• Defining tasks
• Sequencing tasks
• Estimating task duration
• Assigning the task to team members
• Finalizing the schedule
• Sharing and monitoring

2. Project finance and budgeting

Allocating the budget is an important part of project planning. All steps of the project are given an estimated expense. There should be separate funds allocated to determine the financial roadmap and for unforeseen expenses and risk management. It includes the following key steps:

• Estimating costs
• Budget development 
• Allocating resources
• Risk management 
• Monitoring and control
• Reporting
• Cost control
• Life cycle costing
• Aligning with the project schedule
• Compliance and governance

3. Project quality management 

Quality management is aimed at ensuring that project output aligns with the company’s needs. It assesses whether the project meets the required standards or not. This step is essential as it improves customer satisfaction, product quality, and productivity. It has three steps:

• Quality planning
• Quality assurance
• Quality control

4. Project risk management 

Risk management refers to identifying and analyzing the risks associated with the project. You will learn about categorizing risks into low, medium, or high priority. It is essential to decrease the impact of risks. It includes 6 steps:

• Identifying the risk
• Analyzing the risk
• Prioritizing risks
• Assigning risk to a team member
• Responding to the risk
• Risk monitoring

5. Contract management in projects

A contract is a legal document that binds two or more parties for a set time. This subject focuses on understanding the contract obligations, reviewing progress, and identifying issues. Contract management has these steps:

• Contract initiation
• Contract creation and negotiation 
• Contract approval 
• Contract execution 
• Contract monitoring and management 
• Contract renewal or termination

Key skills developed in MBA Project Management

Some of the top MBA Project Management skills that students learn from the course are:

1. Strategic planning and execution

Strategic Planning refers to defining the goals and objectives of the company. It includes the sequence in which events need to be planned to achieve the goal. Effective strategic planning helps in promoting long-term vision and ensures that resources are allocated as per requirements.

The SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis is an essential tool for strategic planning. It helps identify strengths, weaknesses, opportunities, and threats faced by the company. 

2. Leadership and team management

Leadership and team management are two of the essential MBA project management skills needed to succeed. Effective team management involves offering clear communication and support to the team members to motivate them to do better. Open communication between team members is beneficial for everyone as it reduces the chances of conflicts. It ensures that roles and responsibilities are clearly defined for team members. This further improves the chances of success.

3. Risk management and problem-solving

Risk management and problem-solving skills are essential if you want career growth with an MBA in project management. It involves four steps – identifying risks, assessing risks, controlling risks, and developing preventive mechanisms. It is an important process as it helps the team to make an informed decision.

Failure Mode and Effects Analysis (FMEA) is an important tool in risk management and problem-solving. It is a systematic approach developed to identify failures in the project and analyze their effects on the system. It results in taking preventive measures and proactively seeking solutions that can improve quality.

4. Technological proficiency

In this digital era, it is crucial to develop technical skills. The Project Management course content is designed to equip students with the latest project management software such as Microsoft Project, Asana, Adobe Workfront, Jira, and Smartsheet. All these tools help manage projects in an organized manner and handle tasks efficiently. 

Data analysis tools such as Google Analytics, Microsoft Excel, Datawrapper, Google Charts, and Tableau are useful in interpreting essentials from complex data sets. It helps make informed decisions and engage with the target audience. This can boost productivity and efficiency. 

5. Practical application

The MBA in Project Management syllabus has projects in the final year to introduce students to real-world challenges and ways to tackle them. It enhances their problem-solving skills and decision-making abilities. Case studies are efficient methods to allow students to assess complex situations and evaluate what works well and what might need improvement. 

Career growth with an MBA in project management

There is a lot of scope for career growth with an MBA in Project Management as it is in high demand. This course develops the skills and expertise required for successfully leading projects. After completing this course, you can work in several industries such as:

• Construction 
• Consulting
• Healthcare 
• Information Technology 
• Telecommunications 
• Financial Management 
• Manufacturing 
• Aerospace and defense 
• Energy and utilities

You can build your career in any of the following job profiles:

Job role	Job description	Average annual salary range (approx)
Project Manager	Responsible for planning, executing, and completing projects within the stipulated timelines.	INR 8 lakh – INR 24 lakh per annum
Contract Manager	Handle the drafting, reviewing, and negotiating of contracts.	INR 8 lakh – INR 18 lakh per annum
Portfolio Manager	Handles investment strategy and decisions for the organization.	INR 8 lakh – INR 9 lakh per annum
Project Risk Manager	Analyzes risks and develops plans to handle them.	INR 6 lakh – INR 34 lakh per annum
Project Coordinator	Guides the team members and organizes the parts of a project to ensure successful completion.	INR 4 lakh – INR 7 lakh per annum

Pursue online MBA in Project Management with Online Manipal 

If you want to get an MBA degree but don’t want to leave your job or have some personal commitments, getting an online degree would be the best for you. Online Manipal offers an online MBA in Project Management that can be the gateway to several lucrative jobs. Manipal University Jaipur (MUJ) offers this degree via the Online Manipal platform. MUJ’s courses are recognized globally allowing you the flexibility to work anywhere in the world.

The course is designed to equip students with the desired skills to assume managerial and leadership roles in their organizations. Project risk management, business leadership, and project budgeting and finance are some of the key skills obtained during the course. Manipal University Jaipur is accredited A+ by NAAC and its online degrees are entitled by the UGC and evaluated by the WES. 

Conclusion

The online MBA in Project Management syllabus prepares students to handle projects from start to finish of a project lifecycle. Students develop industry-relevant skills such as problem-solving, decision-making, risk management, leadership, and team management. Sign up for the course on Online Manipal and take the first step to a managerial role in your career path.