Professional project management is an important and ever-evolving field in the business world, where managers must plan, implement, monitor and close projects efficiently and effectively. But what is professional project management? What are the certificates and skills required to succeed in managing products? How can managers develop their capabilities and increase their opportunities in the labor market?
In this article, we will try to answer these and other questions by reviewing the concept of professional project management, its importance and benefits, the most prominent strategies and practical frameworks used in it, the most famous international certificates approved in this field, and some advice and guidance for managers aspiring to improve their performance and the performance of their teams, and achieve their work goals.
What is professional project management?
Professional project management is a field concerned with applying a set of skills, tools, and techniques to projects to successfully achieve a variety of different goals. Professional project management includes seven main stages:
- Planning: The process of managing any project begins with developing a detailed plan that defines the project goals and the steps necessary to achieve them. This includes determining required resources and timelines.
- Implementation: After planning, the project is implemented in accordance with the specified plan. This requires directing and managing resources, implementing tasks, and monitoring their progress.
- Monitoring and control: Project performance must be monitored periodically to verify that it is proceeding according to the plan and specified timetables. Corrective action must be taken if there are any issues with implementing the plan.
- Risk management: Professional project management includes analyzing and estimating potential risks and taking measures to deal with them and reduce their impact.
- Communication: Communication must be effective within the team involved in the project and with other stakeholders, to ensure that all parties involved are aware of the latest developments in the project.
- Quality management: Project managers must always work to ensure that the product or service is provided at the highest possible level of quality.
- Completion: The project must be evaluated upon completion to ensure that objectives have been met and all requirements have been met.
In addition, project management uses additional strategies and process frameworks to ensure the quality and efficiency of projects, which can vary by industry.
Practical strategies and frameworks for professional project management
There are many methodologies and practical frameworks used in professional project management, each of which has advantages, disadvantages, and different areas of application. Here are some of the most notable:
- Agile: A methodology that focuses on iteration, continuous improvement, and collaboration between teams and customers. Suitable for projects that require flexibility, innovation, and responsiveness to changes, such as designing applications and software.
- Scrum Framework: It is a framework that falls under the agile methodology. It divides the project into short time cycles called product development cycles (Sprints), where priorities, tasks, and responsibilities are determined. This framework is suitable for projects that need fast, high-quality results.
- Kanban framework: It is another framework that falls under the agile methodology. It uses a Kanban Board to organize and track the workflow using cards that carry information about the tasks to be accomplished. This framework is suitable for projects that need comprehensive visibility and control over productivity.
- Six Sigma: This is a methodology that aims to improve the quality of products or services by identifying and eliminating errors and variances. This methodology is suitable for projects that need to solve complex problems and increase efficiency.
- PRINCE2 methodology: A methodology that uses a structured approach to project management that clearly defines roles and responsibilities, uses detailed plans, and continually monitors risks and issues. It is suitable for projects that need strict structure and controls, is widely used in the UK and in English-speaking countries outside North America, and was originally developed as a ‘best practice’ standard for use in government IT project management in the UK. Since then, they have been increasingly used in projects of all types in the private sector, as well as the public sector.
- Project Management Body of Knowledge (PMBOK): is a set of standards and practices issued by the Project Management Institute (PMI). It covers ten knowledge areas: integration management, project scope management, schedule management, cost management, quality management, resource management, communications management, risk management, procurement management, and stakeholder management. It is suitable for projects that need comprehensive and standardized project management knowledge.
- Waterfall Methodology: This is a methodology that follows a linear and sequential approach to project management, where each stage is completed before moving on to the next stage. It is suitable for projects that need clear and consistent requirements and specific results.
The importance of professional project management
Professional project management is of great importance in a variety of industries and institutions, as it provides many benefits that contribute to the success of projects and the effective achievement of goals. Here are some of the most important benefits:
- Saving time and money: Accurate planning of project work helps ensure that tasks are delivered on time and within the set costs. Thus, successful project management depends primarily on drawing the correct plans for it from the beginning, and knowing how to allocate the company’s resources more efficiently, in order to reduce excess expenses and delays. In handing over tasks.
- Improving communication processes: Good and successful project management increases cooperation among all stakeholders, raises the level of transparency in work, which leads to successful teamwork, simplifying tasks, and improving the flow of operations.
- Making better decisions: Project management helps in knowing how to spend resources in the best possible way, setting priorities, predicting problems before they occur, and making sound decisions based on correct data and thoughtful plans.
- Leadership success: Successful project management ensures that there is a good level of leadership for the project. Successful leadership allows employees to do their work in the right way, and a successful leader has the ability to motivate employees, remove barriers, train employees, and inspire them to do their work optimally.
- Focus on goals: Successful management helps focus on the company’s goals set within the project plan, as the work of employees without successful management will make any project lose its compass, while successful management will focus on the goals and plan for employees the way they work that will lead them to achieve these goals.
- Quality control: Professional project management ensures that the quality of the project is maintained in all aspects at every stage of the project, as the successful manager evaluates the outputs in terms of quality, profits, and method of implementation.
The most famous international certificates accredited in professional project management
There are many international certifications available in project management, each with different benefits and requirements. Here are some of the most popular ones:
- Project Management Certificate: It is a certificate offered by the Project Management International Institute (PMI), and it is one of the oldest, most famous and most respected project management certificates in the world, as it is considered an accredited international professional standard for project management, and reflects a high level of knowledge, experience and skills in this field. To obtain this certification, a manager must pass a difficult exam covering ten knowledge areas in project management, as well as provide evidence of experience leading and managing projects for a specified period of time.
- Certified Associate in Project Management (CAPM): This is a certification also offered by the Project Management Institute International (PMI). It is a foundational certification in project management, suitable for novice managers or those aspiring to enter this field. This certification demonstrates a good level of knowledge of basic project management principles and techniques. To obtain this certification, a manager must pass a theoretical exam covering five knowledge areas in project management, in addition to providing evidence of experience as a member of a project team or training in project management for a specified period of time.
- PRINCE2: It is a common certificate in Britain, Europe, and Australia. They use a structured and systematic approach to project management, clearly defining roles and responsibilities, using detailed plans, and constantly monitoring risks and issues. To obtain this certification, a manager must pass two exams: a Foundation exam and a Practitioner exam, which cover this methodology and practical applications of project management.
How does Al Raedah help you obtain a loan for your project?
As a direct lender, Al Raedah guarantees you a fast and flexible financing experience with a high credit score and an extraordinary payment method. It offers you two types of financing for your project:
Point of sale financing program
The point-of-sale financing program aims to help entrepreneurs develop and expand their businesses by gaining flexible financing in record time, so Al Raedah designed a flexible and smooth program that helps you achieve your ambitions without any periodic monthly installments.
The financing amount for unsecured facilities starts from 50,000 Saudi riyals to 1,500,000 Saudi riyals. As for secured facilities, we provide financing that suits each individual case.
How does the point of sale financing program work?
- Financing up to 21% of annual POS sales with a repayment term of up to one year.
- Financing up to 38% of annual POS sales with a repayment term of up to two years.
- Financing up to 50% of annual POS sales with a repayment term of up to three years.
- You must have a commercial register for the project or organization you want to finance.
- You must have POS devices for at least three months.
- You do not need a guarantor to obtain financing.
- No monthly installments are paid.
- Payment method is daily through points of sale.
- The annual percentage rate ranges from 14%-78%.
- A one-time fixed administrative fee of 1.5% (at least 5,000) Saudi riyals.
- 15% value added tax applies.
E-commerce financing software
Al Raedah launched an exceptional e-commerce financing program, specifically for platforms active in the fields of technology and e-commerce, as it provides an exceptional opportunity for these stores to get the financing service that best suits their needs, according to their monthly online sales.
How does e-commerce financing software work?
- A program dedicated to electronic stores that have a commercial register.
- You can choose the appropriate financing from two packages spread over 6, 9, and 12 months.
- Payment is a weekly or monthly transfer.
- Minimum financing amount is 50,000 Saudi riyals.
- Maximum financing amount is 7,500,000 Saudi riyals.
- The annual percentage rate ranges from 23.52% – 40.69%.
- One-time administrative fees ranging from 1% – 1.5%.
- 15% value added tax applies.
- You can apply for refinancing once you have paid 60% of the financing amount.
So, as we saw in this article, professional project management is concerned with applying a set of skills, tools, and techniques to successfully achieve project goals, and through effective planning in order to manage these projects, their owners can obtain the capital necessary to start their projects.
In this regard, Al Raedah stands out and is distinguished as the best project financing body in the Kingdom of Saudi Arabia. Through the financing services provided by Al Raedah, you can obtain financing that meets your needs in the best possible way. So what are you waiting for? Find out Al Raedah can help you today.