Essential skills for project managers

Why are skills for project managers important?

Project management  is a demanding profession that requires an individual to wear many hats. Those who are successful in this career can juggle multiple tasks and deadlines while maintaining a high level of quality control. Several skills make this possible.

1. Developing project costs and timelines

Every industry has its unique time-management process for developing project costs and timelines. Therefore, project managers  must be familiar with the standard practices in their industry to create an accurate budget and timeline for their project. This process begins with understanding the scope of the project and developing a clear time-management plan. Once project managers understand the work that needs to be done, they can start to develop a budget.

Project managers are responsible for ensuring that the project stays on track and within budget. To do this, they must regularly review costs and timelines to identify potential issues. Then, if a problem occurs, they must quickly develop a solution that does not jeopardize the project’s success.

2. Using project management software

Project managers should also be able to use project management tools  that help keep track of all aspects of the projects. This software can be used to:

• Create and track tasks — This ensures everyone knows their deadlines and responsibilities.
• Develop and track project budgets — This shows where money is being spent and identifies potential overages.
• Create and track project timelines — This shows where the project is behind schedule and identifies potential bottlenecks.
• Communicate with team members — This keeps everyone on the same page and addresses concerns team members may have.

Many types of project management software are available. The best one to use will depend on the specific needs of the project.

3. Conducting statistical analysis

Strong statistical analysis skills are key because they often need to analyze data to make decisions. For example, a statistical analysis might be needed to:

• Identify trends — Determining trends helps managers understand how the project is progressing and identify potential problems.
• Evaluate options — This can help choose the best course of action for the project.
• Make predictions — Forecasting can aid in anticipating difficulties and developing solutions ahead of time.
• Assess performance metrics – Learning from projects can help improve processes in the future.

Statistical analysis can be complex, but software programs can make it easier.

4. Managing and motivating teams

Every team is different, and it’s up to the project manager to develop leadership skills to determine what motivates each team member. This can be a challenge, but it’s crucial to find a way to keep everyone engaged and working toward the common goal. Positive team leadership can help push a project over the finish line and is an important soft skill for this line of work.

5. Tracking and measuring progress

Project managers must track the progress of their assignments. This allows them to identify areas where the project is behind schedule and make adjustments.

There are many ways to track and measure project progress, such as Gantt charts, delivery reports and key performance indicators (KPIs ). Depending on the industry and the project, there may be other methods for tracking and measuring progress. Again, it’s up to the project manager to determine which methods and tools will work best.

6. Possessing wide-ranging knowledge of business practices

Since project managers often work with teams from different departments, they need a broad understanding of various business practices. This knowledge can be helpful when trying to find solutions to problems. Additionally, being familiar with different business practices can make it easier to communicate with teams in different departments.

Some of the business practices that project managers should familiarize themselves with are:

• Accounting — This is important for understanding financial reports and managing budgets.
• Marketing — This can help create promotional materials and market the project to stakeholders.
• Human resources — This is necessary for managing team members and dealing with personnel issues.

It's not necessary to be an expert in every business practice, but it's good to have a general understanding of the most common ones.

7. Understanding legal, ethical and regulatory considerations

Some of the legal, ethical and regulatory considerations that project managers should be aware of are:

• Privacy laws — If the project involves handling personal data, the  it must be protected under privacy laws.
• Safety regulations — If the project team is working on a new product that will be sold to customers, the the product must meet all safety and quality standards.
• Environmental regulations — If the team works in a country with strict environmental regulations, the team must comply with those regulations.

Understanding legal, ethical and regulatory considerations is a complex skill that takes time and experience to master but is essential.

8. Interpersonal communication skills

Working with people is one of the big soft skills for project managers in their role. Some of the interpersonal communication abilities that are important are:

• Active listening  — Listening to what others are saying and trying to understand their point of view.
• Empathy — The ability to see things from another person’s perspective and understand their feelings.
• Patience — Important for handling difficult people and managing conflict.
• Persuasion — Convincing others to support your ideas or decisions.
• Negotiation — Finding a compromise between two or more parties.

Developing effective interpersonal communication abilities takes time and practice, but it’s critical for everyone in a leadership position.

9. Implementation of business strategies

A project manager must be able to take a business strategy and turn it into a plan of action that will lead to success. This requires strong problem-solving skills and the ability to think creatively.

Some of the business strategies to be familiar with are:

• Marketing campaigns
• Product development
• Change management