Project management is emerging as a fast-growing domain in India. There are many strong reasons for that trend. Firstly, India needs to create infrastructure like never before. As per the Project Management Institute 1, by 2030, it is estimated that India will have more than 1.5 billion people. Providing adequate infrastructure for them all with minimal time and cost overruns is going to be a herculean challenge. Sound, modern project management will be a crucial part of the solution.
Secondly, many strategic initiatives like ‘Make in India’ and ‘Digital India’ also hinge on infrastructure for success. These initiatives also align with India’s vision of becoming a $5 trillion economy.
Thirdly, the $5 trillion target depends on innovation. India can steer into a new age of creation and expansion only by empowering the regional manufacturing centres that would contribute to the production of innovative products at economical rates. Project management is a key variable to balance this innovation equation.
Last but not least, industries across the board are undergoing drastic changes in the age of digital, collaborative and flexible work. Many analysts believe that today’s work across functions is getting progressively centred around projects as opposed to continuous engagements. Experts from diverse disciplines converge to achieve a high-value outcome in a finite span of time. In such situations, project management is an important success factor.
Ushering in a different skillset and mindset
Unlike ongoing processes or operations, projects and their management require a distinct skillset and mindset. It involves understanding the strategic nature of the investment, the ability to manage cross-functional teams, knowledge of the latest tools and technologies, and the capacity to synchronise execution to match growth targets and desired profitability. This is a complex combination to achieve. It’s no wonder modern project management is a sought-after capability in many of today’s industries.
The talent gap
However, the numbers show that India’s skill inventory in project management is currently inadequate to meet the demand. This creates a huge talent gap in the area of project management-oriented employment (PMOE). According to PMI’s talent gap 2021 report, India ranks second globally for the highest annual demand for PMOE across industries. At this stage of globalisation and digitisation, India will reportedly require more than 7 million new project management jobs by 2027, which is the largest growth rate (48%) among the 11 nations studied. However, the talent shortage in this area puts at risk $208 billion in GDP until 2027 for the 11 countries, and 11% of that risk ($23.4 million) is on India. So, what exactly is the industry looking for?
The industry seeks the next level of project management capabilities
As the industry evolves, what it expects of project managers is also evolving. Today, it is not enough to have professionals who can manage potential time and cost overruns. The game has evolved. The proliferation of digital technology has accelerated change, increased the occurrence and complexity of projects, and forced a need to rethink project management skills. Today’s industry giants are willing to put their power behind professionals with a versatile skill set who can not just achieve project delivery within time and budget but also smartly manage change in a dynamic, multi-stakeholder, global setting with evolving market realities. Vision, scalability, technology, collaboration, agility, and predictability…these are just a few of the skill sets the industry needs in modern project management.
IIT Delhi’s Project Management programme
In this context, IIT Delhi’s Project Management programme is designed to both enhance crucial skills as well as help individuals and companies leverage the growth opportunities in the domain. This project management course will help you understand project management concepts and principles and deliver projects with a precise focus on time, budget, and quality. It will introduce you to modern tools and techniques used for comprehensive project management – from initiation to closure. The programme will also instil leadership capabilities like robust planning, the capacity to set clear goals and realistic objectives, and the execution quotient to single-mindedly achieve goals.
- Who can benefit from it? The programme addresses the needs of multiple professionals. It works for recent graduates who aspire to break into project management roles. It works for managers who don’t have formal training in project management but would like to learn state-of-the-art skills and techniques. It will also be a boon for entrepreneurs who wish to take their innovative ideas to market and scale rapidly by learning how to allocate resources, identify opportunities, and reinvent business processes by using advanced project management principles and systems.
- The programme features a rich learning experience with live online sessions, immersive pedagogy, peer-to-peer learning, industry case studies, and real-world business applications.
- It covers a repertoire of competencies and learning outcomes that are solidly aligned to India’s modern project management landscape: grasping project trajectory from definition to closure, leveraging project management to increase profitability and sustainable competitive advantage, applying globally recognised frameworks for increasing chances of success, integrating risk analysis techniques to monitor project schedules on cost and budget and embracing wider, newer disciplines like six sigma, quality management, and agile project management.
Most of all, IIT Delhi’s course informs practitioners on how to apply the knowledge and techniques within the larger strategic context of the organisation. This capability can empower professionals to link the machinery of project management to vision, strategy, profitability, and long-term growth. With India standing on the cusp of greater waves of growth and innovation, this capability will be valuable because it is a known fact that we have the talent. What will help us finish the race is rigorous, intelligent execution? Iconic inventor Edison once said, ‘vision without execution is hallucination.’ Michael Dell said ‘ideas are a commodity, execution is not. The writing on the wall is clear. Ideas alone will not make India a $5 trillion economy. Execution will play a pivotal role. And execution hinges on intelligent, rigorous project management. This is an opportune time for India’s professionals to build their competency in this area and rise up to meet the powerful opportunity on the horizon.
Programme starts: 28 December 2022
Programme duration & format: 6 Months, Live Online sessions with faculty
Programme fee: INR 70,000 + GST
About IIT Delhi
The Indian Institute of Technology Delhi (IIT Delhi) is one of the 5 initial IITs established for training, research and development in science, engineering and technology in India. Established as the College of Engineering in 1961, the Institute was later declared an Institution of National Importance under the “Institutes of Technology (Amendment) Act, 1963” and was renamed as “Indian Institute of Technology, Delhi”. Since its inception, over 48,000 students have graduated from IIT Delhi in various disciplines, including Engineering, Physical Sciences, Management and Humanities & Social Sciences. Of these, nearly 5070 received PhD degrees. The rest obtained Bachelor’s and Master’s Degrees in Engineering, Sciences and Business Administration. These alumni today work as scientists, technologists, business managers and entrepreneurs. Several alumni have moved away from their original disciplines and have taken to administrative services, active politics or are with NGOs. In doing so, they have contributed significantly to the building of this nation and to industrialisation worldwide.
Disclaimer: This article has been produced on behalf of Erulearning by Times Internet’s Spotlight Team.