pminj chapter may 4th symposium 2015 · plus, pm compensation is highly attractive proprietary and...

Prof. Te Wu, PMP, PgMP, PfMP, ITIL

CEO PMP Advisory LLC

Assistant Professor Montclair State University

Email: [email protected]

Phone: 201.688.0680

A Sensible Guide to a Career in

Project Management

PMINJ Chapter

May 4th Symposium 2015

Prof. Te Wu, PMP, PgMP, PfMP, ITIL CEO PMO ADVISORY LLC

ASS ISTANT PROFESSOR MONTCLAIR STATE UNIVERS ITY

PMI, PMBOK, PfMP, PgMP, PMP, CAPM, PMI-PBA, PMI-ACP, PMI-SP, and PMI R.E.P. are registered marks of Project Management Institute, Inc.

Agenda

o Why project management?

o What is the current state of PMI and its certifications?

o What does a project management career ladder look like?

PROPRIETARY AND CONFIDENTIAL 3

Agenda





“Most organizations are not facing shortages of ideas, even good ideas, they are starving for positive outcomes. Project management is the discipline that achieves results!”

TE WU

PROPRIETARY AND CONFIDENTIAL 5 05/04/2015

The impact of project management is high

oAccording to PMI1, there will be 15.7 million new project management roles created globally between 2010 and 2020.

oPMI anticipates the economic footprint of the profession to be $6.61 trillion USD. ◦ Putting this in perspective, the US economy is

about $16.8 trillion2.


The current state of strategy implementation is poor


or 9 out of 10 strategic implementations fail1 90%

of survey respondents believe business execution is extremely important or the most important to their organization2

47%

Rate of successful strategy implementation; astonishingly low3

10-30%

of 400 global CEOs found that executional excellence is the #1 challenge facing business leaders4

400

05/04/2015

Project management is the discipline of choice

For responding to increasing change due to:

1. Competition: globalization and technology advancement are primary drivers.

2. Complexity: regulation, sustainability concerns, greater awareness on the social impact of change.

Project management has been proven as an effective discipline in getting complex initiatives done!


Project management skills can be applied everywhere

o Day to day examples: ◦ Working on HR initiatives

◦ Developing and executing a marketing plan

◦ Managing initiatives in supply chain

◦ Coordinating legal work – legal project management (LPM)

o Leading major initiatives: ◦ Information technology projects

◦ Construction work

◦ Healthcare initiatives

◦ Enterprise resource planning

o Executing strategy: ◦ Aligning business strategy with execution

◦ Prioritizing initiatives

◦ Balancing risks with rewards


Plus, PM compensation is highly attractive


Major Average Starting

Salary in 2015 5, 6 Project Manager (estimated) $58,178

Management Information Systems $55,843

Logistics /Supply Chain $53,024

Finance $52,788

Accounting $51,475

Business Administration / Management $51,196

Sales $50,200

Marketing $49,419

In “10 High-Paying Flexible Jobs” in Forbes, senior project managers in IT top the list at $99,700 a year on average. 6

05/04/2015

Agenda





“It’s not enough that we do our best; sometimes we have to do what’s required.”

WINSTON CHURCHILL


How many active credential holders? 8


What is the over growth of PMI? 9

14 05/04/2015

What is the approximate certification growth rate? 10


Certification

Name

Start

Date

# of

Credential

Holders on

Start Date

# of

Credential

Holders in

March 2015

Average

Annual

Increase

CAPM Nov-06 1,438 27,478 42%

PMP Nov-06 206,774 648,485 15%

PgMP Dec-10 492 1,191 23%

PfMP* Dec-13 162 191 14%

PMI-ACP Dec-12 1,611 7,528 99%

PMI-RMP Dec-10 516 3,055 52%

PMI-SP Dec-10 377 1,284 33%

PMI-PBA Dec-14 182 234 177%

05/04/2015

Agenda





“The biggest mistake that you can make is to believe that you are working for somebody else. Job security is gone. The driving force of a career must come from the individual. Remember: Jobs are owned by the company, you own your career!”

EARL NIGHTINGALE


Conceptual Project Management Career Ladder


Project Assistant

Project Analyst

Jr. Project Manager

Project Manager

Sr. Project or Program Manager

Program Director

Portfolio Manager /

Director

Entry Level Skilled Expert

Increasing Project • Size and Scope • Complicatedness &

Complexities

Incr

easi

ng

Ind

ivid

ual

•

Exp

erie

nce

•

Kno

wle

dge

•

Net

wo

rk

Time

Acc

ou

nta

bili

ties

• Project Team Member • Project Coordinator

• Project Administrator • Project Team Lead

• Assistant Project Manager • Project Expeditor

• Project Manager I, II • Project Estimator

• Project Manager III • Senior Program Manager

• Head of PM • Chief Project Officer

05/04/2015

Mapping PMI Certifications


Entry Level Skilled Expert

• Certified Associate in Project Management (CAPM)

0 – 4 Years 5 - 10+ Years 10 - 20 + Years

Stag

e Fo

cus

PM

I Cer

tifi

cati

on

s Ti

me

• Project Management Professional (PMP)

• Agile Certified Practitioner (PMI-ACP)

• Professional in Business Analysis (PMI-PBA)

• Risk Management Professional (PMI-RMP)

• Scheduling Professional (PMI-SP)

• Program Management Professional (PgMP)

• Portfolio Management Professional (PfMP)

• Organizational Project Management Maturity Model (OPM3)

05/04/2015

PMI Certification Requirements


# Name Acronymn Secondary Degree Advanced DegreeAdditional Education or

Experience Requirement

1

Certified Associate

in Project

Management

CAPM 1,500 hrs of project experience Not Required 23 hours of education

2Project Management

ProfessionalPMP

Five years of project management

experience + 7,500 hours leading and

directing projects

Three years of project management

experience + 4,500 hours leading and

directing projects

35 hours of project

management education

3

Program

Management

Professional

PgMP

Four years (6,000 hours) of project

management experience + Seven years

(10,500 hours) of program management

experience

Four years (6,000 hours) of project

management experience + Four years

(6,000 hours) of program management

experience

4

Portfolio

Management

Professional

PfMP

Seven years (10,500 hours) of portfolio

management experience within the past 15

consecutive years

Four years (6,000 hours) of portfolio

management experience within the past 15

consecutive years

Eight years (96 months)

of professional business

experience

5PMI Professional in

Business AnalysisPMI-PBA

7,500 hours or 5 years working

as a practitioner within the last 8 years +

2,000 hours of project experience, which

can be inclusive of the 7,500 hours above

4,500 hours or 3 years working

as a practitioner within the last 8 years +

2,000 hours of project experience, which

can be inclusive of the 4,500 hours above

35 hours of training in

business analysis

6PMI Agile Certified

PractitionerPMI-ACP

Training: 21 hours in agile

practices

7

PMI Risk

Management

Professional

PMI-RMP

4,500 hours of project risk management

experience +

40 hours of project risk management

education

3,000 hours of project risk management

experience +

30 hours of project risk management

education

8PMI Scheduling

ProfessionalPMI-SP

5,000 hours of project scheduling

experience +

40 hours of project scheduling education

3,500 hours of project scheduling

experience +

30 hours of project scheduling education

General: 2,000 hours working on project teams within the last 5 years. Active PMP® or

PgMP® will satisfy this requirement.

Agile: 1,500 hours working on agile project teams or with agile methodologies within

the last 3 years.

05/04/2015

PMI Certification Exam Information


# Name AcronymnScored

QuestionsPre-Test Total

Allocated

Time for

Exam

Seconds /

Question

Language

Aid

(Languages)

Exam Fees for CBT

(Member/Non-

Member)

Re-Exam Fees for CBT

(Member/Non-

Member)

CCR Renewal

(Member/Non-

Member)

1

Certified Associate

in Project

Management

CAPM 135 15 150 3 72.0 13$225 or €185 / $300 or

€250

$150 or €125 / $200 or

€170

$225 or €185 / $300 /

€250

2Project Management

ProfessionalPMP 175 25 200 4 72.0 13

$405 or €340 / $555 or

€465

$275 or €230 / $375 or

€315$60 / $150

3

Program

Management

Professional

PgMP 150 20 170 4 84.7 1$800 or €655 / $1,000

or €815

$600 or €490 / $800 or

€655$60 / $150

4

Portfolio

Management

Professional

PfMP 150 20 170 4 84.7 1$800 or €655 / $1,000

or €815

$600 or €490 / $800 or

€655$60 / $150

5PMI Professional in

Business AnalysisPMI-PBA 175 25 200 4 72.0 1

$405 or €340 / $555 or

€465

$275 or €230 / $375 or

€315$60 / $150

6PMI Agile Certified

PractitionerPMI-ACP 100 20 120 3 90.0 1

$435 or €365 / $495 or

€415

$335 or €280 / $335 or

€330$60 / $150

7

PMI Risk

Management

Professional

PMI-RMP 150 20 170 3.5 74.1 1$520 or €430 / $670 or

€555

$335 or €280 / $435 or

€365$60 / $150

8PMI Scheduling

ProfessionalPMI-SP 150 20 170 3.5 74.1 1

$520 or €430 / $670 or

€555

$335 or €280 / $435 or

€365$60 / $150

Number of Questions & Time Analysis

05/04/2015

What are the skills required for project managers?


i. General Business

1. Communication 2. Engagement Management 3. General Business Knowledge 4. Information Management /

Sharing 5. Leadership 6. Organization Savvy 7. Personal Relationships 8. Product & Service

Knowledge 9. Project Management

(General) 10.Project Management

(Process) 11.Research & Analysis 12.Teamwork

ii. Discipline Specific

1. Project Management (Specialized Knowledge Areas)

2. Program / Portfolio Management (Operating) 3. Program Management (Establishing & Leading) 4. Portfolio Management (Establishing & Leading) 5. Business Process Design 6. Business Analysis 7. Execution Planning & Management 8. Managing Implementation Vendors 9. Product Management

iii. Organization

1. Human Development 2. Methodological Development 3. Cultural Change 4. Knowledge Management

05/04/2015

How about behavior and attitude?


i. Attitude

• Appreciative • Communicates

proactively and honestly

• Confident, but not overbearing

• Assertive, but not overly-aggressive

• Flexible with schedule and approach

• Helpful • Pleasant and

upbeat • Willing to go

the extra mile

ii. Behavior

• Always seeks opportunities to improve oneself and the department • Applies oneself to solving tough problems • Goes the extra mile to understand things from another perspective • Reacts constructively to change and evolution • Seeks feedback and assistance when required • Receives feedback constructively • Always remains as objective as possible • Works constructively even when outside the comfort zone

iii. Cultural Characteristics

• Prioritizes the general (company) interest over individual interest • Prefers doing the right thing above other concerts • Eager to consult with and help others within the company • Flexible with approaches, processes, methods, and tools • Clearly defines RACI • Promotes collaboration, teamwork, and shared accountability • Encourages company to embrace positive change

05/04/2015

Managing Continuing Certification

o PMI is continuously looking for ways to enhance the profession and stay close to the needs of business and industry.

o Recently, it announced an overhaul of the CCR (Continuing Certification Requirement) that now enforces greater instructor-led / expert-led training over other types of training.

o The new framework, called the PMI Talent Triangle, divides continuing learning into three parts: ◦ Technical Project Management – The “HOWs”

◦ Strategic and Business Management – The “WHYs”

◦ Leadership – The “WHATs”


Questions


References

1. Speculand, R., (2009). Six necessary mind shifts for implementing strategy. Business Strategy Series, 10, (3), 167-172.

2. “Strategic Business Execution Survey”, August 15, 2014, PMO Advisory LLC.

3. Raps, A., (2004). Implementing strategy. Strategic Finance, 85(12), 48-53.

4. Sull, D., Homkes, R., & Sull, C., (2015). "Why strategy execution unravels - and what to do about it." Harvard Business Review, 93(3), 57-66.

5. To determine the 2015 salary, I used average starting salary increase from National Association of College and Employers (NACE). According to NACE, the average increase was 1.2% from 2013-2014. See https://www.naceweb.org/s04022014/starting-salary-class-2014.aspx. The average increase from 2014-2015 is 5.3 person; see https://www.naceweb.org/s04172013/average-starting-salary.aspx.

6. Top-Paid Business Majors at the Bachelor’s and Master’s Levels, February 18, 2015, National Association of Colleges and Employers. URL: https://www.naceweb.org/s02182015/top-paid-business-majors-2015.aspx

7. 10 High-Paying Flexible Jobs, January 15, 2013, Forbes. URL: http://www.forbes.com/sites/jacquelynsmith/2013/01/15/10-high-paying-flexible-jobs/

8. PMI Fact File, March 2015, PMI Today, Project Management Institute Inc.

9. Calculated from PMI Fact File

10. Wu, T., (2015). The Sensible Guide to a Career in Project Management, May 4, 2015, PMO Advisory LLC.


http://www.forbes.com/sites/jacquelynsmith/2013/01/15/10-high-paying-flexible-jobs/










Contact Information

o Contact Info: ◦ Email: [email protected]

◦ Phone: 201.688.0680

◦ Connect with Te Wu: www.linkedin.com/in/tewu1

o The Sensible Guide to a Career in Project Management in 2015

◦ Amazon.com

• Kindle: $0.99, Free on 5/4 - 5/5, 7/7 - 7/9

• Print: $15.99

mailto:[email protected]

http://www.linkedin.com/in/tewu1

pminj chapter may 4th symposium 2015 · plus, pm compensation is highly attractive proprietary and...

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