Global Economy Could Benefit from More PMPs

by Michelle LaBrosse

There will be a global need for 25 million new project management professionals (PMPs) by 2030. The Project Management Institute warned the gap could result in a possible loss of up to USD$345.5 billion in global GDP. What is a project management professional and why do they have such a huge impact on the economy? And is a project manager different from an industry manager?

Federal workers likely already know what a PMP is because federal contracts mandate PMPs manage projects. For good reason, as 75% of projects fail to meet their objectives without a certified PMP at the helm. A business pursuing government contracts needs a cadre of PMPs.

An industry manager and a project manager both manage resources, timelines and budgets to achieve specific goals. However, an industry manager sets long-term goals, develops strategies to achieve them and manages required resources. 

On the other hand, a project manager plans and executes specific projects. Project managers work closely with team members to define objectives, develop a detailed plan, monitor progress, manage risks and ensure on-time delivery. Their primary focus is delivering a specific outcome or product within a specific timeframe and budget. A project manager who earns the PMP certification is better prepared to lead projects with other PMPs who speak the same professional language.

Most training methods emphasize memorization of terminology; despite those students studying for six months to two years, 80% of them still fail the PMP exam on their first attempt. Students who prepare using accelerated adult learning techniques learn systems thinking so they are able to logically deduce the correct answer without having to memorize. After all, you can’t memorize how to run projects.

More and more companies are looking for PMP credentials in their prospective hires to signify that a person will be able to communicate effectively, collaborate with others to solve problems, and think strategically.

Michelle LaBrosse, PMP, PMI-ACP, RYT is CEO of Cheetah Learning, an industry leader in Accelerated Exam Prep for the Project Management Professional (PMP)® exam.

Did You Know: Since 2000, Cheetah Learning has trained 80,000 students, and its accelerated learning techniques that let them quickly assimilate and recall a large amount of content has led to a 98% pass rate on the PMP exam.

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