In recent times, the world has galloped into an advanced era of Intelligent Age—an era driven by the advancement in robotics, quantum computing, digital infrastructure, biotechnology and artificial intelligence, among others. This transformation is likely to redefine how individuals live, work and communicate with others. Also, harnessing the transformation is the only way ahead to address pressing challenges and seize various opportunities that require collective effort and involvement from multiple stakeholders.
Amid the revolution, India has been emerging as one of the major players on the global stage. Of the numerous factors, the country’s young manpower plays a vital role in going forward on the international platform. For, about 65% of its population are below 35 years. Just like everything else, this blessing can also turn into a curse if the young population fails to attract the job market. Though creating job opportunities is a vital solution, equipping the youth with requisite skills also plays a crucial role.
According to various surveys, only 50% of graduates and 20% of its engineers are employable. It shows that there is a great need for upskilling youths now amid the industrial restructuring and technological revolution. One of the ways to bridge the gaps in skill sets and upskill youths is by equipping them with project management skills. Before we discuss the importance of the skills, let’s understand what project management skills actually are.
Understanding Project Management Skills
Project management is nothing but the process of planning, organising, managing and completing a specific project to achieve all the desired goals within the given constraints. It includes both hard and soft skills. These skills come in handy while delegating and prioritising tasks, reporting progress, managing resources, analysing issues and the performances of projects. Some of the project management skills are-
- Risk management skills
- Effective communication skills
- Active listening skills
- Time management skills
- Problem-solving skills
- Analytic skills
- Prioritization
- Cost management
- Conflict management
- Adaptability
- Research skills
- Quality management
- Customer service
- Leadership skills
- Planning/coordinating
Since businesses, including transport and infrastructure, product manufacture, IT, finance and law, and building and construction, use projects to achieve their goals, it is vital for employees to equip themselves with project management skills.
Why are Project Management Skills Vital?
Project management has become inevitable to ensure the indispensable function of businesses. In the fast-paced era that has strict deadlines, businesses are starting new projects at an increasing rate. Around the same time, as projects become complex, missed deadlines, delays and failures have also become common. In this situation, it has become essential to include individuals with skill sets to manage time, cost, resources and human behaviour, in addition to providing technical expertise, in a project. Below are some of the ways in which project management skills will become vital for running a business successfully.
1. Efficient resource management: It is one of the crucial skills that is required to ensure the long-term success of a project. For it makes sure resources like time, money, materials and human talent are used sustainably and efficiently. Since it prevents overallocation or underutilisation of resources, it will reduce inefficiencies, wastages and delays.
Further, managing human resources through task distribution, workload balancing and adequate rest periods will help prevent employee burnout or disengagement. A well-rested and motivated team is more productive and innovative. It in turn will lead to more consistent progress and a higher chance of achieving project objectives.
2. Dealing with the unexpected: Change is the only constant in almost everything and projects are no different. Since no project can be completely free of unforeseen changes or events, how a team reacts and responds to it plays a vital role in determining the success and longevity of the project. Individuals should analyse potential uncertainties and develop risk management strategies. When unexpected things happen, these strategies will come in handy to adapt without derailing progress. This resilience makes the project robust in the longer run. Not just that, it will also have a significant impact on stakeholders’ confidence.
3. Business risk management: No project can escape risks in its lifetime. So, it is always wiser to identify potential risks early and implement strategies to reduce or eliminate those risks. Effective risk management will help to identify potential cost-related risks like budget overruns and unexpected expenses, timeline conflicts and resource shortages like insufficient staffing, equipment and materials. Since a team analyses and understands the possible risks, they can make better decisions. This ability to make proactive, data-driven decisions reduces the likelihood of mistakes and miscalculations, ultimately ensuring smoother project execution over time.
4. Maximise resource output: Maximising resource output is a key strategy for ensuring the long-term success of a project. It involves optimizing the use of all available resources, such as time, human capital, money, equipment and materials, to their fullest potential. By maximising resource output, projects can operate more efficiently, remain within budget and achieve their objectives with higher quality and fewer delays. By maximising resources to their fullest, cost efficiency, enhanced quality of deliverables, risk reduction and mitigation, maximising long-term return on investment and enhanced stakeholder confidence and support are ensured.
5. Quality control: One of the significant factors that ensures the long-term success of a project is quality control. For it makes sure that the project’s output meets predefined standards and is up to the expectations of stakeholders. When quality is managed effectively throughout a project’s lifecycle, it leads to numerous long-term benefits that contribute to the project’s overall success, sustainability and growth. Not just that, maintaining high-quality standards throughout the project builds a positive reputation for the project team and organisation. Delivering quality results consistently boosts client and stakeholder confidence, positioning the organisation as reliable and professional. This reputation in turn can lead to multiple business opportunities, referrals and long-term partnerships.
When graduates are equipped with these vital project management skills in addition to acquiring technical skills, they can secure a lot of job opportunities and also grow up in their career ladder. For these skills will help them to organise and structure their work effectively, improve their time management, communicate their ideas effectively and take better and informed decisions. So, it is high time youngsters start learning these skills in addition to acquiring technical knowledge.