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The business world is always changing and evolving. With the advent of the Internet and online business, the changes seem to have been speeding up over the past ten years or so. The way business was done as recently as 2010 has shifted dramatically. In the past, businesses only competed against other businesses in their direct vicinities. Driving distance was essentially the greatest force driving customers or potential clients to your business. However, with the popularity of the Internet, businesses are competing with essentially every business across the world. If, for example, a company is in the business of selling widgets, that business is competing with widget companies all over the globe. In the 1990s, that company would have competed with other widget companies in the area. In the early 2000s, that company would have been competing against other companies in the area as well as large corporations that had an internet presence. Now, most companies allow for online marketing and sales. That means you have to do more to create a competitive edge.

Special projects are one way to maintain a competitive advantage over your competitors. Unlike business as usual, projects are business events that happen for a finite amount of time. They have a set beginning and end. While the manager at your business now might be capable of managing the project, a dedicated manager would be more efficient. One of the best ways to find an effective manager is to groom one who is already in your staff. That means one of your employees will need to take a few courses in project management.

Taking Courses

Taking business courses can be a great way to boost your skill set as a manager and make your company more competitive in the marketplace. If you are not currently employed as a project manager, you can boost your prospects in hiring market by adding to your set of skills. There are some considerations, though.

Many people live very busy lives that might not be conducive to returning to school. This is especially true for older students. These students typically have children, spouses, jobs, and other such requirements. These are all time intensive requirements that might make it impossible to attend classes two or three days a week. However, many courses are offered online which will give busy adults the opportunity to work on their continued education from home.

What Will You Learn?

The field of project management is similar to standard business administration, but it is more focused and finite. A project manager is responsible for initiating, planning, executing, monitoring, and finalizing projects.

Initiating

This is the first stage of a project. This is when the project manager and the investors first make contact. The project manager and the investors lay out the goals of the project as well as the parameters. They oftentimes agree on the budget at this point as well.

Planning

This is arguably the most important stage of a project. In this stage, the project manager finalizes the budget and parameters of the project. The parameters refer to the scope of the project. In this stage, the manager begins to set out the specific mechanisms he or she intends to employ to reach the goals of the project. Also, this is when the manager probably sets forward smaller goals for the team to achieve along the way.

Executing

This is the most straightforward of all of the stages. The execution stage is when the team achieves the goals and completes the project.

Monitoring

The monitoring stage runs concomitant with the execution stage. While the team is executing the job and meeting the goals, the manager is monitoring to ensure that the team stays on track. The manager’s job during this stage is to keep the teams on task as well as make sure the budget is coming in under budget and on time. This skill means making changes to the parameters of the project, the makeup of the team, or the materials used. If it becomes apparent the team will not be able to complete the project with the agreed upon parameters or budget, it is the responsibility of the manager to write a new proposal. The manager has to outline why the project will not be completed as agreed upon.

Finalizing

In this stage, the manager is responsible for assessing the final output of the team. The manager compares the work that was completed to the work that was outlined in the plan. The results are compared to the goals stated before the project begins.

Project Proposals

Proposing a project is one of the most important aspects of managing projects. Before the project even exists, the manager has to create a proposal. The proposal usually consists of a goal or series of goals, a plan, a proposed team, and an estimated budget. There are typically two kinds of proposals: internal and external.

External proposals are those made in house for someone outside of the normal circle who operates the business. Typically, these external forces are investors and shareholders who do not take part in the business as usual. Proposals are written for them to prove to them that their monetary interests are headed in the right direction or to ask them for more money. Either way, the proposal has to be convincing. The proposal has to answer every major question an investor might have before throwing his or her money behind a new project. Writing successful proposals that result in greenlit projects is a skill that many learn while in business school.

Internal proposals are those made in house for someone who typically does take part in the business as usual. This is typically for someone such as a CEO or CFO as well as potential team members. Depending on the scope of the project, there’s a good chance it will consist of current employees. The internal proposal team pitches the project to potential team members so they know what to expect and what they will have to do.