Importance or Benefits of PMP

Before we proceed to talk about the benefits of PMP, let us define PMP. Project Management Professional (PMP) qualification is a globally accepted and industry-recognized credential for project managers. Currently, there are more than 750,000 active PMP credential holders globally, and the number is only growing. The Project Management Institute (PMI) coordinates the PMP qualification.

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Benefits of the PMP qualification are numerous. Project success starts with the right approach to ensure project delivery and passing the PMP exam gives proof of your ability to direct project-related activities and deliver on project objectives. This is a reason why project management is one of the top skill-sets demanded by organisations around the world. As a result of this need, getting the PMP qualification is more important now than ever before.

The following highlights the benefits of the PMP certification to individuals and to organisations.

Importance or Benefits of PMP to Individuals

Global recognition

The PMP credential is widely recognized and accepted by organisations around the world as proof of knowledge and experience in project management. According to research conducted by the Economist Intelligence Unit survey, ninety percent of global senior executives have affirmed the importance of project management methods in their delivery of successful projects. Therefore, a certified project manager has the assurance of having a global qualification that is recognised across various industries.

Earning potential

According to Project Management Salary Survey, professionals with the PMP Certification Earn 23% more than non-certified project managers. Also, are you aware that according to the project management survey, in Nigeria a certified senior project manager can earn as high as US$30,305 yearly? Moreover, on job application websites such as Glassdoor and Jobberman, project managers in Nigeria earn as high as ₦750,000 monthly!

Adaptability

The PMP certification reflects best practices in project management which are not limited to a specific industry. Consequently, better transferability between organisations and industries is possible for certified individuals. As a certified PMP, your credential represents a standard that you can apply in diverse organisations and industries.

Reputability

The PMP certification gives an unprejudiced endorsement of your project management knowledge and professional experience at a global level. This to a great extent enhances your reputation and credibility and affirms your ability to manage projects of quality effectively.

Result

PMP increases your knowledge and skills in the use of tools and techniques required in managing projects. This will improve your ability to align projects with stakeholder needs and to meet the project delivery timelines.

Importance or Benefits of PMP to organisations

Competitive Edge

To stay ahead of the crowd in today’s competitive and tumultuous global economy, companies are turning to project management to consistently deliver business results. Being able to deliver projects on time and within budget often decides whether your company will get the next job or whether its new product hits the market. When you adopt project management practices across your organisation, you can create a strategic value chain that will give you this advantage over your competitors. Furthermore, according to PMI Pulse of the Profession 2018 survey, organisations that use some type of formal project management approach successfully meet their goals. This reinforces the fact that adopting proven standardized project management processes leads to greater organisational success.

Increased staff productivity

Standard project management techniques and processes make collaboration within an organisation easier. When you follow structured processes, it will add business value and create an environment where you can merge collaboration and innovation with proficiency and less risk. Furthermore, if your organisation has a well trained and professional workforce, you can better apply standard project management procedures. Not only will this help you deliver successful projects, but it will also encourage the growth of your organisation.

Increased Revenue

By adopting project management practices within your organization, you will consistently deliver quality products that your customers need. This will result in repeat customers due to the enhanced satisfaction of customers.

Risk Management

Risk tolerance is necessary for any organisation because projects rarely go exactly according to plan. Project management training teaches leaders and team members how to mitigate risk, plan for uncertainty and reduce ambiguity. With PMP, you can acknowledge and account for risk management. Ron Kasabian, general manager at global IT giant Intel once said: “Good project management discipline stopped us from spending money on projects that fail”. This is evidence that adopting project management practices within your organisation will encourage the avoidance of risks, reduces costs and ensures an efficient delivery process.

Reduced Cost

The PMP certification is proof that you are cognizant of project management best practices and that you apply them. As a result, having PMP certified individuals within your organisation will go a long way in ensuring that you follow these best practices and that you manage projects within the constraints of time, budget and scope. This will ensure that you manage projects systematically which will, in turn, reduce waste. Also, did you know that according to a survey carried out by The State of the PMO in 2010, the presence of Project Management Offices in organisations saved the companies an average of US$567,000 per project.

What next?

From the aforementioned benefits of PMP to both individuals and organisations, it can be concluded that it is no longer a question of why opt for PMP, but rather a question of how soon you want to get started. If you ask me, I will say the best time to start is now. You cannot afford to continue depriving yourself of the benefits of PMP, be you an individual or an organisation.