The Benefits of Studying Project Management

Publisher Lonsdale Institute Published on July 4th, 2017
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The Lonsdale Institute Diploma of Project Management helps enhance the prospects of a promotion for those already in project management or those aspiring to a senior project manager position. Project management skills are highly regarded in all industries. The ability to lead, plan, and execute projects to stringent deadlines and budgets is a primary skill in all areas of work. Those who can demonstrate competence in this area are considered attractive to prospective employers.

This Diploma is also suitable for those qualified in other disciplines at a management level who want to enhance their skill base by obtaining project management skills at a management level.

Why is project management highly regarded?

Project management qualifications are highly regarded all around the world because they provide a versatile range of skills for managing change and achieving project goals in any industry or business. As commercial projects typically require a range of resources and stakeholders to be managed, quality project management courses include everything from setting and tracking goals to leadership and risk management. Armed with the specific yet widely applicable skills provided in project management qualification, you’re able to assist both your employer and clients in achieving their business goals on time and within budget, whether you’re a project manager or in senior management.

Setting goals and objectives

A project management qualification equips you with strong planning abilities, including the capacity to set clear goals and realistic objectives, along with a schedule with specific stages to achieve the project goals. Budgeting, time frames, and resource estimates are typically covered by project management courses. You’ll learn skills for not only setting goals for achievement within a realistic budget and time, but also for reviewing and vetting costs and resource estimates.

Effective management throughout each project stage

Project managers deal with multiple work streams on a daily basis. A good project management course gives you the competencies to priorities competing interests at each project stage, so that you can maintain high standards, best practice, and high customer satisfaction levels.

Enhance communication

Project management qualifications are highly valued because they provide graduates with a common language and framework for describing businesses and project resources. Having a common language provides numerous benefits that include better definitions for communicating best practice, enhanced communication with stakeholders and team members, and clearer records that support project tracking and management.

Communication is a pillar of effective project coordination as it allows project managers and all other team members involved in the project to capture and communicate concepts and project criteria. It gives project managers the ability to clearly define success standards to team members, which in turn facilitates better coordination and consensus.

Leadership skills and stakeholder management

While effective communication is integral to project management success, core leadership skills also drive improved communication by enabling you to engage and coordinate team members, contractors, and other sources of labour input. By undertaking a project management course, you’ll also be given the skills to work with stakeholders, seek out their input – for example, through review if necessary – and obtain their buy-in for stronger commitment.

You’ll have the opportunity to develop strong procurement skills so that you become proficient at finding resources and services in order to achieve projects within budget. A project management qualification gives you a structured, systematic approach to defining responsibilities and setting up accountability systems so that all human inputs and resources can reach full commitment or utilisation.

Documentation and records

One of the most practical benefits of a project management qualification is the ability to produce documentation and reports that track every stage of the project. Not only are these detailed records vital for effective planning and risk assessment, but they support review by other stakeholders and managers, and so are considered an essential component for any project management role.

Effective resource management

At its core, excellence in project management is about effective resource management – on time and within a set budget. With a project management qualification, you’re equipped to manage all available resources – be it time, money, or labour inputs – to achieve the set goals and meet quality requirements. Furthermore, you’ll have the leadership competencies to engage different stakeholders and motivate your team members to achieve their responsibilities as laid out in the project plan.

Mastering information systems

One of the benefits of quality project management planning is strong IT skills. A good project management course provides you with strong computer application skills that you can utilise at every stage of the project management cycle, from planning and goal setting to budgeting, project execution, and adjustment. These skills will be invaluable as you monitor and track the progress of your projects and review complex circumstances and the utilisation of resources.

Managing changes and project risk

Resilience in teams and organisations is sometimes defined as dynamism and flexibility, and project management covers that. A reputable project management course gives you the skills to manage unexpected changes, anticipate risks, and take actions to mitigate the impact of risk.

Active risk management involves anticipating rather than reacting to risks. While it’s not possible to anticipate every factor, you’ll be better qualified to adjust and manage resources to achieve your project goals, regardless of the unexpected events that may happen.

Widely applicable tools and techniques

A project management qualification gives you a broad skill set that you can apply to any project. These skills include core competencies such as leadership and planning, to technical skills like documentation and budgeting. These versatile skills include the ability to plan and structure projects, manage competing interests and varied resources, and conduct risk assessments. They also drive smoother project progression through better communication, coordination, and leadership and stakeholder engagement.

Lonsdale Institute

Lonsdale Institute has over a decade’s experience as a leading provider of education and training for both Australian and international students.