Categories: Business

Project Management vs. Business Management

Businesses introduce management at both micro and macro levels within an organization. As a result, managers at different levels are charged with different responsibilities. However, the overall goal of professionals sitting in managerial positions is to ensure all activities meet business goals and branding objectives.

Certification courses at a management level let hiring companies know an individual holds professional-grade qualifications to lead teams, implement strategies and simultaneously incorporate resource and time management.

While growing skill sets and knowledge bases, PMP certification training or becoming a certified Project Management Professional also offers the opportunity to earn a higher average salary than their non-certified counterparts. Project management and business management are two different fields. Certifications are offered for both but should be carefully understood and assessed before making a decision.

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What Is Project Management?

Project management involves creating ideas and organizing them to accomplish a particular goal or achieve a certain target. Projects are a set of tasks with a solid start, and end date completed to fulfill larger business objectives, e.g., generate revenue or expand target markets. Project managers are tasked with five stages to determine what tasks need to be completed on a priority basis to move closer to completion;

Initiation: Understanding the project’s scope, what would be needed to complete it, and if it would be feasible for the company to undertake the project. Once approval to begin is underway, project managers move to the next step.
Planning: Managing time, resources, and staff is the next critical step in project management. Discussions between the project manager and upper management help allocate what is required for project completion. Timelines and milestones are shared and feasibly assessed before execution begins. Project managers ensure their teams are briefed, and the project begins.
Execution: With a plan in place, project managers keep a close eye on milestone delivery dates and ensure all activities needed to be conducted are completed. Should employees have any questions or concerns, the project manager can offer guidance and insight.
Performance: Once all activities and processes are complete, the project manager assesses the overall performance. Have all the deliverables been met? Was project completion on schedule? Were resources wasted or misused during the project? Is there room for improvement or further optimization? If the project manager is content with the performance, upper management is notified for the project to come to a close.
Closing: The final step within the project management process is completing the tasks at hand and delivering them to the client/stakeholders involved.

Project management can cover multiple undertakings simultaneously. The focus of the project is to ensure deliverables are met. Throughout the project, creative thinking is required to maximize resources based on the organization’s capabilities. Getting project management certified informs hiring organizations an individual possesses the skills and knowledge needed to adopt the best project management practices to their business model.

Project Management 101 | Project Management Tutorial for Beginners | Project Management Fundamentals

What Is Business Management?

Business management sets the goals, objectives, and vision for the organization. Business managers ensure the plethora of functions and activities the business undertakes are consistent and in line with business goals. Additionally, business managers set the direction and maintain control of the company’s resources. Finally, they are tasked with the responsibility for the overall success of the organization.

Undertakings by professionals in a business management role include;

Determining and optimizing the schedule for product launches and internal activities
Introducing a cohesive long term strategy for the business keeping in mind all stakeholders interests
Bringing together proficiency and strong communication across all areas of the organization, including operations, finance, IT, marketing, sales, and HR
Creating feasible execution plans and resource allocation for all simultaneous activities

A role in business management is a long-term position within any organization. Business managers pave the way for employees to understand their role in achieving organizational success. They look at implementing long-term shared changes across the organization to enhance efficiency, effectiveness, and quality. The overall improvement of activities leads to better revenue, reduced waste, and a more competitive position.

The Difference Between Project Management And Business Management

Business managers and Project managers play similar roles in different capacities within an organization. Project managers handle activities with clear start and end dates with strong and finite objectives. Business managers play an omnipresent role. As long as the business is active, the business manager’s role is to ensure overall objectives are defined and evolve with the business. Business managers hold a permanent role within their business; project managers are active for the duration of their undertaking.

Business management, as a concept, allows for a more relaxed, sustainable approach. On the other hand, project management requires meticulous planning, intricate team building, and the confidence to rely on employees. Business managers use their knowledge base to streamline all internal activities, including those conducted by project managers.

Also, learning how to manage change is crucial for business managers. In business management, this skill enables leaders to adapt strategies and operations to evolving market conditions and organizational needs. Business managers function on foresight to create strategies that contribute to their vision for the organization.

They function on foresight to create strategies that build towards the business goals and objectives they have set. Project managers are likely to get a final seal of approval from business managers who sit higher up within the organizations’ hierarchy.

Conclusion

For business professionals looking to get certified at a managerial level, picking between business management and project management can seem daunting. Individuals who prefer working on short-term activities with clearly defined objectives and boundaries would feel more comfortable with a PMP certification or adjacent courses. On the other hand, individuals looking to procure long-term employment and plan larger should consider business management courses.

It is projected that the number of employment opportunities in the management space will grow by 505,000 new job openings by 2029. Certification courses within this field offer a competitive advantage, higher starting salaries, better employment opportunities at higher postings, and enhance existing skill sets. Consider the current level of expertise and the desired occupational role to pick the course best suited to the professional direction of choice.

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