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Project Manager Salary in India in 2024 [For Freshers & Experienced]
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Wondering what is the range of Project Manager Salary in India? Every company wants to have a well-skilled project manager to handle and manage their project development process. Companies usually have multiple programs running simultaneously, and a project manager usually is in charge of more than one project. Because of this reason, companies are not shying away from offering increased project manager salary in India. Thus, if you have the required skillset and are ready to keep yourself updated, your career as a project manager is expected to keep growing onwards and upwards. This line stands true especially when we consider that a project manager salary in India is directly or indirectly dependent on how upskilled and updated they are. Hence, the skills to manage a project and multiple teams are a core skill required. The salary received by the manager will depend on the type, scale, and the number of projects managed. Your Pace- Your Place- Thats why we are here Let’s know in detail about the Project Manager salary in India. Check out our management courses to upskill yourself. What is Project Management? The process that involves managing a project from idea to completion is project management. It could be something as simple as automating an operational process at a department level, or it could involve a new project in collaboration with clients, vendors, and other stakeholders. The main processes are ideation, creation, execution, and closure. It will include planning, team management, procurement, integration, controlling, and risk assessment.  Depending on the product to be delivered, a project has a specified time frame within which it is initiated and completed. In contrast to a product that evolves with customer needs, a project carries a clear definition of what needs to be delivered. Because of the demand, project manager salary in India is one of the highest. In other words, project management is the process of using tools, skills, information, and techniques in the project operations to obtain the project’s objectives. The five major categories of project management processes are as below. Initiating Planning Executing Observing and regulating Closing You can increase your chances of a decent entry level project manager salary if you are well-versed in the aforementioned project management processes. Who is a Project Manager? The person who leads the project and is responsible for ensuring each phase meets its objective is the project manager. They are involved in defining the main objectives, purpose and scope of the project, creating an integrated plan for development, leading the team during the execution stage, monitoring each and every aspect of a project to the final closing and review of the project. And in the end, the project manager is the person held responsible for the success or failure of a project.  If you are here, then either you are an existing Project Manager, or you are looking to pursue this field for your future. Either way, let’s take a look at the salaries you can expect. Project managers are responsible for overseeing and managing product development to ensure successful product delivery within a fixed scope, budget, and deadline. Balancing cost, time, and quality to maintain the scope of the project is the biggest challenge a project manager faces. Their roles include:  Timely identification and mitigation of potential risks  Setting deadlines, budgets and appointing employees Managing the scope of the project, tasks, infrastructure, materials, and reports Learn more about the roles and responsibilities of product managers. Project management involves the achievement of the goals of a specific project by implementing methods, processes, knowledge, and experience. Project managers require technical expertise in particular disciplines and have sector-relevant backgrounds. Projects have pre-defined targets, and managers should be competent to meet the goals. Also, project managers are expected to have an efficient and systematic approach to scheduling and managing the project. Explore our Popular Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Courses Project managers are always in demand and therefore, project management is one of the greatest sought-after careers in India. They are offered competitive salaries but finding a company that can pay the best PM salary based on your skills can be challenging. upGrad’s Exclusive Product Management Webinar for you – How to craft GTM Strategy for a Product? document.createElement('video'); https://cdn.upgrad.com/blog/panel-discussion-on-crafting-gtm-strategy-for-a-product.mp4 There are various classifications of a project manager, and your salary will change accordingly. The topmost classifications are: Project Manager Portfolio Manager Product Manager One of the key responsibilities of a project manager is to manage one or multiple projects within an organization. They are tasked with using project management strategies like blockchain and Lean Six Sigma. These strategies help them to plan, monitor, report, and prepare a budget for the project. Occasionally, they may be tasked to present the project’s concept and supervise its execution. The CAPM salary in India is high, considering the multiple challenging responsibilities the project managers handle. Another primary role includes working as a liaison between the individuals tasked with project completion and the higher management. They should ascertain that the project works hassle-free and timely. Moreover, they should frequently report the project’s progress to senior management.  Handling these responsibilities needs great skills, and so, the CAPM salary in India is high. Some more roles and responsibilities of a project manager: Developing the project idea Developing and managing different project groups Set a deadline and track the project’s progress Determine any issues and fix them Overseeing your finances Guarantee stakeholder satisfaction Project’s performance evaluation Need for Project Managers: Several projects are running concurrently in almost all companies. This is where the project managers work in charge of various projects. Their exceptional project management skills encourage many companies to provide admirable salaries in India and other nations. The career graph and salary figure accelerate for the project managers with demanding skills. This is because their salary in India and other countries primarily depends on how skilled and updated the project managers are. The PM salary in India depends on various factors, including the scale, type, certifications, and the number of projects they handle. What are companies looking for when hiring a project manager? Answering this question helps you to acquire the required skills and get the dream job with a decent PM salary in India. Companies usually look for the following aspects when hiring a project manager: Able to create an outstanding customer experience every time Invent new ideas and effectively express them to others. Planning, communicating and handling project progress to ensure project milestones are met. Risk identification and mitigation. Deriving solutions for complex projects Manage scope, deadline, quality, resources, scope, budget, and customer satisfaction throughout the project. Supervise remote resources and offshore employees Thoroughly understand internal processes and adhere to them. Streamline the sales process.   Deliver a broad assortment of services wherein project management demands a detailed examination of different variables. Project Manager Qualification For someone to be eligible to get the standard project management salary in India, they must fulfill a few crucial conditions. These are the main factors to think about for getting a project manager salary in India. Education Background: Prospective project managers should have finished their undergraduate and graduate studies in business or management-related fields otherwise they’ll be under project manager salary fresher Experience and Certification: Professional Project Management credentials are a must, as is a sufficient quantity of related job experience for project management salary. Distinguished Certification Programmes: Certified Associate in Project Management (CAPM) and Project Management Professional (PMP) are two well-known certification programmes to consider for a project manager position. Project Manager Salary in India India is working for the tag of a superpower in the world. It needs to establish itself as a safe haven for different industries. MNCs coming here are convinced that India has the talent to lead its projects. Hence, many are now setting up warehouses, production units and call centers in the country.  Today, existing project managers are busy improving their current skill sets and freshers are looking to learn and grow.  Read: Product Management vs Project Management India is one of the great hubs of several industries from different sectors. This country owns talented individuals who can handle various projects. Therefore, India has several production units, warehouses, and other set-ups. It indicates that the project manager’s salary is rising in the country. The four key factors that influence the project manager’s salary in India are the company and sector, the project manager’s experience, the location of the company, and the project manager’s skills. You can evaluate these factors to have a clear perspective on the MBA in project management salary. The Growing Demand for Project Managers in India According to economic times, the project management profession is likely to outperform the total global job growth over the coming years, creating a lot of new job opportunities with highly-competitive pay for the position. According to the Project Management Institute’s (PMI) report, India will need almost 7,000,000 new project managers in the next 10 years to look after the growing industry needs in the nation. Sectors like construction and manufacturing, information technology and finance and insurance require skilled project managers.  The demand for these managers is always high. The list is endless. That’s the primary reason project manager salary in India is quite high. The ever increasing demand. Going by the reports, by 2027, India will be the second-largest producer of project management-oriented jobs in the world, second only to China. At a global level, 22 million new project management job openings are expected by 2027. First, let us look at the opportunities open to project managers in India. A simple LinkedIn search can land you on more than 7000 job opportunities for a Project Manager in India, and that too from reputed firms like IBM and Kotak Mahindra Bank. Source Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses On Naukri.com, there is more than 70000 project manager related job openings from different firms in India. Out of these, almost 15000 are from the capital region of Delhi/NCR region, followed by 12000 each from Mumbai and Bangalore. The pane shows about 50600 results. There are ample opportunities for people with the right skill sets and experience. So, there are opportunities galore for project manager, and the indispensable nature of their jobs ensures that project manager salary in India is quite elevated.  Source Project Management has turned out to be a critical aspect of businesses to the level that the demand for project managers will never cease. Project managers are demanding in nearly all sectors, specifically in today’s advanced and methodical business environment. Typically, these industries have an identical need for innovation and productivity. But, the professionals’ roles and responsibilities vary.  There are ample job opportunities for project managers in industries like finance, construction, engineering, information services and technology, healthcare, insurance, advertising, etc. The related job roles offer decent PM salary in India based on skills, experience, location, and other factors. Various facets should be considered to effectively plan and implement a project. Owing to the skill gap that businesses face today, the demand for skilled project managers is more, but their availability is limited. Most project managers can’t be so efficient even after undergoing formal training from the traditional courses. Companies sought after those candidates with a blend of theoretical knowledge and practical work experience. The rising demand for project managers has increased the demand for pursuing a suitable project management professional course. The reliable project management courses help candidates to master the art of planning and implementing projects. Plenty of businesses are adopting project management for their business processes.  It is gradually becoming an integral part of businesses regardless of their industries. They are ready to offer admirable PM salary in India to deserving candidates. Another key trend in the context of demand for project managers is project management for small projects. For a few decades, project management was a marginal subject and was perceived as an added cost for small projects. However, today companies are realizing the significance of project management for small projects. Therefore, it unlocks doors for individuals willing to learn project management while simultaneously working on the relevant job role for small projects. Therefore, it generates plenty of project manager jobs that must be filled up by skilled candidates. Let us look at the most important aspect – the Project Manager Salary in India. How much can you earn if you enter this field? The Median Project Manager Salary in India According to Glassdoor, the average project manager salary in India is around Rs 14,00,000. For comparison, the average salary for a software developer in India is only around Rs 5,00,000. So, being a project manager could you fetch almost three times more income than your software developer counterparts! Source Types of Project Managers & Their Salaries There are typically five different kinds of project managers in India. Here’s a brief about them, along with the project management salary in India for each of them: IT Project Manager We are aware of the current surge in information technology. The IT sector is quite the buzz, not only in India but around the world. It follows that one of the most sought-after positions is that of IT project manager. Let us reveal to you a startling truth, though: “Not all IT project managers even have an academic background in computer science or coding.”  With the project management scope in India, of course, being familiar with technology is crucial for an IT project manager. Notably, considering the scenario, future of project management in India is a bit better. But much more crucial are the capacity for original thought, good organizational talents, and the ability to organize, implement, oversee, and carry out a project without a hitch, for better salary of project manager in India and pmp  certification salary. About 1,00,000 (INR) is paid to an IT project manager in India per month, or 14,00,000 (INR) annually. Engineering Project Manager You can search for this profile once you have earned your engineering degree. A project manager is required in every industry, regardless of background—you can work in software development or civil engineering, and get at least average salary of a project manager in India, as there is a high scope of project management, with a decent project manager salary. Most of the time, project managers in this industry collaborate with construction firms and other project managers to develop or maintain either new or already established infrastructure, with IT project manager salary. The project management salary in India for those working in the engineering industry is typically around 23,00,000 (INR) per year in base pay. Marketing Project Manager To assist in promoting their products, every business in the market requires a marketing project manager. One of the most versatile positions in this profile is marketing product manager and gets you mba project management salary. They monitor the strategies employed in product marketing and make periodic adjustments to put the required actions into action. To properly manage a product or product, a marketing project manager collaborates with the public relations manager, sales team, and other marketing team members. The average project management salary in India for the marketing profile in India is roughly 9,71,414 (INR)/year. Construction Project Manager To become a project manager, you need to be quite knowledgeable about the construction sector. They are accountable for efficiently managing the resources while controlling the labor force, schedule, and supply chain. They frequently oversee protracted projects.  In India, the average project management salary in India in the construction sector is around 9,18,145 (INR). Health Service Project Manager The health services industry has improved since people saw how important it was to have effective hospitals, rehabilitation homes, etc. A project manager has become essential to the health sector because overseeing all of these is a lot of work. Additionally, this profile is among the most reliable on the market. In India, the average project management salary in India in the healthcare industry is around 6,47,071 (INR). Factors Affecting Project Manager Salary in India The four main factors affecting the Project Manager Salary in India are: Sector & Company– In most job profiles, the company you choose to work for affects the final salary. For a project manager, the sector they choose to work for will also have a bigger impact on the final salary. Also, the bigger the brand or company, the higher is the salary you can expect.  Experience – Managers with more experience will earn a higher salary when compared to persons who are managing their first projects.  Location – Location has a high impact on the salary of a project manager. A job in a city known for its information technology infrastructure will pay a higher salary in comparison to a job in a smaller city. Skills – The important skills you have, the better is the ability to understand. Location is all set to play a vital role in deciding project manager salary in India. Technical skills are too the influencing factors. For instance, if the job is associated with construction project management then having planning tools knowledge or drawing skills will add extra value to your resume. Also, it will increase your chances of obtaining a decent entry level project manager salary.Few other factors affecting the project manager’s salary in India: Education:One of the overlooked factors is education. Organizations with varied domains have their unique need for project managers. For example, a construction-based organization will hire candidates with civil engineering or equivalent degree. Similarly, financial firms will hire candidates with a financial degree. An oil and Gas sector company will hire project managers from a chemical engineering background. Talented candidates from IT backgrounds can have a well-paying IT project manager salary in India. Vacancy:The organization’s urgency to fill in the vacancy can present a decent opportunity to obtain a decent salary range. Employers are hunting for the right fit and are ready to pay a higher salary than their expectations.The urgency for a vacancy in an organization is outside the applicant’s control. But what an applicant can best do is to incorporate the value-adding factors on their resume/profile. They can stand out from the crowd through their exceptional skills, domain expertise, sound academic background, and certification. All these factors can bring you close to filling up the vacancy for project managers in leading organizations. Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] Project Manager Salary in India: Based On Sector & Company Earnings of a project manager depend upon the domain. For example, according to PayScale, the average salary for a construction Project manager is near Rs. 1,00,000. Source IT Project Managers handling complex software projects for big IT firms can earn close to Rs 15,00,000 per year which is an excellent salary. This IT project manager salary is more for experienced candidates. Source Your salary will also depend on the company you are working in. Normally, tech giants Amazon, Microsoft, Google, and Goldman Sachs pay more than average. But getting into these can be quite challenging as they generally have a rigorous recruitment process and tend to require higher aptitude and problem-solving skills than average.  List of top recruiters based on their pay: Source Capgemini, Cognizant & Accenture offers about Rs. 2,000,000 per annum as salary. It is followed by HCL, Infosys & Wipro at Rs. 1,000,000 per annum. Project Manager Salary in India: Based On Location Also, the amount in your paycheck may also depend on your location. Location plays a vital role in determining project manager salary in India. For example, the salary for an IT project manager in India can be more than Rs 20,00,000 per annum. The image below shows that most of the bigger cities in India offer a salary higher than the national average.  Source The image below shows that a person in the IT hub Bangalore can earn about Rs 2,100,000 per annum.  Source It is around Rs 14,50,000 in both Hyderabad and Delhi for the same role. Hyderabad Source Delhi Source Project Manager Salary in India: Based On Experience The more experience you have the higher your pay package will be. So, if you are a beginner and have only recently entered the industry, you will have to moderate your hopes accordingly. So, let us break down Project Manager salary in India, depending on how many years of experience you have in your bag – Let’s see how a project manager’s salary in India varies based on experience. Entry-Level Project Manager Salary in India The average entry-level project manager salary in India is ₹490,819 Mid-Level Project Manager Salary in India The average mid-level project manager salary in India is ₹1,201,384 Experienced Project Manager Salary in India The average experienced project manager salary in India is ₹1,659,957 Experience plays a major role in the project management field, or any field for that matter. Project managers with an experience of around 1-4 years can earn around Rs 6,20,000. A project manager with 10-19 years of experience can earn an astounding Rs 20,00,000 per annum on an average. Source So the more time you spend in the industry, the better fruits it will yield for you. Project Manager Salary in India: Based on Skillset A project manager is responsible for planning, organizing, and directing the completion of certain projects within pre-defined timelines and budgets. Different skills impact the project manager’s salary in different project manager jobs. The following list shows some of the sought-after skills for project managers. HTML Software Architecture Technical Analysis Product Management Consulting Management Computational Fluid Dynamics Machine Learning Embedded/Real-time/RTOS IT Security and Infrastructure The key soft skills for the relevant job roles are analytical thinking, effective communication, time management, and leadership. The hard skills depend on the company and industry they work in. But the common ones are: Designing project plans Risk management Budget management Project Lifecycle Management Performance tracking Understanding various project management methods (Agile, Waterfall, Scrum, Lean, and PRINCE2) Understanding of project management tools (Trello, JIRA, Asana, and Monday) Companies prioritize these soft and hard skills; accordingly, they determine the appropriate project manager salary Bangalore and other cities. Project management and agile software development skills are getting more responses for the important skills which can take your salary higher. Source Leading Industries For Project Managers In India Here is a breakdown of project management salary in India for different industries: Pharmaceuticals  INR 14,80,000 IT INR 14,00,000 Real Estate INR 9,18,145 Healthcare INR 6,47,071 Logistics INR 6,00,000 Hospitality  INR 21,00,000 Project Manager Salary on Other Countries Project Managers salary in The US: $88,545 Source Project Managers salary is The UK: £38,225 Source What are the companies looking for? The broad scope of the requirements are listed below Passionately customer-focused and is relentless about providing an excellent customer experience every time Have an ability to ideate and communicate the requirement. Plan, communicate and manage the progress of projects, maintaining project momentum, and achieving project milestones. Identify and effectively mitigate risks Facilitate resolution of issues and roadblocks, escalate when appropriate Management of scope, budget, timeline, resources, quality and customer satisfaction throughout the project Manage remote resources in a matrix environment, including offshore resources Deliver a diverse scope of services where project management requires an analysis of numerous factors Maintain up-to-date knowledge of and compliance with internal processes and procedures Support the Sales cycle Source What do you need? A graduate degree in the chosen field is most important. Good technical skills in the field, for example – IT, construction, or healthcare. In addition to these, you have to develop and sharpen critical thinking, communication, and leadership qualities. You can develop these through education programs, practice, and experience. Why should you become a Project Manager? It is but natural to be attracted to the high salary that a project manager can earn. But, to succeed, you need to have a passion for driving a project from inception to closure. As is mentioned above, you can develop the skills but you should be clear on why you want to pursue the field.  Let us understand why you can pursue this field:  Project managers are high in demand and the demand is set to increase. It means a good project manager can pick and choose projects that suit them.  A variety of fields requires project managers, so you will have a chance to work in a field that is of interest to you. Some of the sectors that you can explore are Infrastructure, IT, Healthcare, Manufacturing, Telecom, Oil, and gas, etc. The learning curve allows for constant professional growth. You will interact with different perspectives across cultures and sensibilities. It will also help with personal growth.  You build your risk assessment and management skills. These are the skills that are essential for leadership roles. Most CEOs are experienced and applauded project managers. To make your career to grow as a product manager and earn the highest possible project manager salary in India, you need to have update yourself required skills. Learn more: Product Manager Interview Questions & Answers Other Related Job Profiles As per PayScale, there are some related jobs to a Project manager, so let’s see how they stand with respect to our discussion so far by looking at the salary.  Team Leader, IT can earn between Rs 5,86,000 to Rs 20,00,000 per annum.  IT Consultants can earn between Rs 3,89,000 to Rs 20,00,000 per annum.  Operations Manager can earn between Rs 3,00,000 to Rs 20,00,000 per annum.  Associate Software Engineer can earn between Rs 2,36,000 to Rs 10,00,000 per annum.  Source Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. How to become a Project Manager? It demands time and experience to become a project manager. But the following factors can help you in this journey. 1. Earn a degree: Usually, a bachelor’s degree is required for becoming a project manager. But some candidates begin their career with simply a high school diploma degree or an associate’s degree with related work experience. The standard degree for becoming a project manager is Business Management. After gaining some experience in the relevant profession, they can focus on marketing or engineering to get a project management certification. For example, a candidate aspiring to work as a project manager in IT project management can first obtain a degree in computer science and get some work experience. This approach can increase the odds of obtaining a good IT project manager salary. 2. Gain related work experience: Work experience is required to escalate the career graph as a project manager. For example, marketing managers can use their experience in running marketing campaigns to embark on a successful career in project management. 3. Earn a certification: Project managers who get a certification from a renowned institute can demonstrate that they own the required soft skills and hard skills. These skills help them to easily obtain a professional project manager job role. Earning a certification in the IT domain can provide easy access to mid and senior-level project management employment and with decent IT project manager salary in India.  4. Apply to job positions: After fulfilling the educational prerequisites, gaining relevant work experience, and earning a certification, the next step is to apply for job positions. Project managers must submit applications for positions in those industries they are experienced or knowledgeable. They must update their CV with the relevant experience and demanding skills. 5. Pursue project management courses: The demand for skilled project managers is increasing because businesses want to accomplish challenging projects in challenging situations. Consequently, enterprises are at peril due to a skill shortage. So, it is evident that project management presents ample job prospects for candidates with exceptional abilities. There is also an increasing demand for practitioners who possess technical, leadership, and business judgment skills.  You can easily learn these skills by enrolling in a project management course. MBA graduates who have completed one of such courses can get an admirable MBA in project management salary. A few of the online project management courses are: Certificate Programme in Project Management Advanced Programme in Supply Chain Management Executive Programme in Project Management Strategies to earn higher as a project manager: Regardless of the project manager jobs, the following strategies may help you to earn more. Pursue industry-specific education Practice project management skills Stay abreast with recent trends in your industry Enhance your soft skills for effective project handling Switch to a higher-paying industry Learn from your project peers to hone your project management skills High-paying project management jobs in 2022: You can wisely choose your career domain if you are familiar with some of the high-paying project management jobs. They are described below. Marketing Project Manager: They are tasked with overseeing projects related to marketing and advertising. They also need to fulfill common duties like planning marketing campaigns, assessing conversation analytics, working with the marketing director for budget preparation, and discerning ways to improve ROI and optimize campaigns, etc. Efficiently handling all these duties can increase your chances of obtaining a higher project manager salary.    2.Construction Project Manager: Most construction projects entail functions like logistics, budgeting, labor management, vendor management, team building, etc. The construction project managers are tasked with efficiently managing all these functions.   3.  Project Management Consultant: They are equipped with resources and knowledge to efficiently handle planning, organizing, delegating, budgeting, encouraging team members, and more.  4. PMO Manager: They supervise the project managers who work with the clients on behalf of the organization. 5.IT Project Manager: Their common duties involve communicating to clients and stakeholders to understand project objectives, understanding the project roadmap, creating a project team, supervising the project progress, and more. Their ability to handle these versatile job duties guarantees them an admirable project manager salary.    6. Engineering Project Manager: Their key responsibility is to supervise an organization’s engineering projects. Project Manager Roles and Responsibilities Project managers play a pivotal role in the successful execution of projects across various industries. Their responsibilities encompass a wide range of tasks that ensure the project’s objectives are met efficiently and within the allocated resources. Throughout different project phases, project managers are involved in crucial activities that demand strong leadership, communication, and problem-solving skills. Project managers collaborate extensively with stakeholders to determine the project scope, goals, and objectives at the beginning phase. They perform feasibility studies, assess hazards, and develop a complete project plan that includes the timeframe, budget, and available resources. As the project enters the planning phase, project managers work with their team members to assign tasks and responsibilities, ensuring that each team member understands their position. During the execution phase, project managers monitor project progress, deal with any unexpected obstacles, and keep open lines of communication with stakeholders. To keep the project on schedule, they must make choices in real-time. Effective communication skills are required to keep everyone up to date on project developments, prospective concerns, and necessary changes. Throughout the project’s life cycle, project managers continuously assess risks and devise mitigation strategies to avoid any major setbacks. They need to remain adaptable, as projects often encounter unexpected changes that require immediate solutions. In the closing phase, project managers conduct a thorough evaluation of the project’s performance, ensuring that all deliverables are met and the objectives are achieved. They also prepare project reports and document lessons learned to improve future project outcomes. Overall, project managers are the driving force behind the effective completion of projects. Their ability to effectively lead, communicate, and solve problems ensures that projects are finished on time, on budget, and to the satisfaction of all stakeholders. How To Earn More As a Project Manager In India: Uncover The Strategies   In certain businesses, the remuneration of a fresh project manager in India is rather cheap. However, there is a method by which you can outearn your peers in terms of pay. To increase your productivity in your line of work, apply these tactics.   Go for Industry-Specific Training   Using this technique most effectively is to decide even before you attend college. It is not feasible to work as an engineering project manager after receiving your degree in healthcare because that position pays the highest. While a master’s degree is not necessary, industry-specific knowledge is crucial with with one can work anywhere in India, with high project manager salary in Bangalore  Continue Honing Your Project Management Techniques   The workday of a project manager is not 9 to 5. Multiple-task juggling is expected of you when working in this profile. You can only succeed at this by consistently using your project management abilities. Hundreds of publications and videos exist that discuss improving your skills. Make the most of them and establish yourself as a useful employee.   Obtain Certifications in Project Management   Although there isn’t much of a beginning wage for project managers in India, you can still make 20% more than your colleagues. How? Obtain a PMP certification instead. Gaining the advantage in wage negotiations is possible with the help of these PMP courses and certifications.  Transfer to a Lucrative Sector   Moving to a high-paying industry is the best approach to increase your compensation if you have experience in engineering. For instance, you might start off as an IT project manager. Still, once you have the necessary expertise, you could join a different business and apply for the position of engineering project manager, which would pay more.   Perks That Project Managers Enjoy Other Than Salary Numerous other advantages come with being a project manager. Among them are:  Compensation for Leave One of the biggest advantages of being a project manager is this. It is frequently difficult for persons in small-scale industries or other occupations to obtain paid time off. However, project managers are typically entitled to paid time off as a valuable team member.  Medical Coverage A project manager receives health insurance in addition to his pay, just like most other high-profile positions in the industry.  Retirement Plans Most project managers don’t qualify for pensions as they work for private companies. On the other hand, a project manager can use a retirement plan that is designed for him to help him save the right amount of money.   Bonuses  The project manager is entitled to bonuses just like any other employee. Depending on his success, a project manager’s bonus amount is determined by different slabs.   Honors and Commendations The organization that represents the Project Management Associates gives the project managers a variety of honors and recognitions.  Can Project Management Salary In India Improve Anytime Soon? The most recent data released by Glassdoor indicates that project manager pay in India will likely rise by over 10%. The data indicates a bright future for both novice and seasoned project managers in the business.   You can use one of three tactics to get paid more as a project manager in India: Make Your CV Exceptionally Good Recall that there are more applicants for the project manager post than you. There are a tonne of other people looking for work. What is the simplest approach to making a statement in the crowd? Make an excellent CV. How do you do that now?  When you understand the industry sufficiently, it’s time to obtain certifications. If you lack sufficient experience, you should include the PMP certificate from PMI, which is considered the industry standard.   Try To Always Participate & Engage In Big-Sized Projects While you might not be able to select your project in certain sectors or organizations, in others, this option might be available. Always take on a larger project if given the opportunity. Don’t back down just because you think it will be hard or take a long time.  Remember that demonstrating to recruiters the sizable projects you have managed gives you the appearance of a trustworthy project manager, which will help you advance in the field. Gain Knowledge, Skills, and Experience Experience is so important that we cannot stress it enough. The first quality a recruiter looks for in a project manager he wants to hire is sufficient experience. Even though you could experience discrimination as a new employee, you should have enough certification to prove your qualifications and abilities.  Soft skills are more crucial in this role than technical ones because a project manager operates more like a team leader, responsible for overseeing a whole group of people.  Career Growth and Advancement for Project Managers For project managers in India, career growth opportunities are vast and rewarding. As they gain experience and expertise, various career paths open up, allowing them to climb the corporate ladder and expand their horizons within the field of project management. One common trajectory is moving into senior project management roles. As project managers demonstrate their ability to handle larger and more complex projects successfully, they may be entrusted with more significant responsibilities and larger teams. This advancement often comes with increased remuneration and recognition for their leadership skills. Another promising avenue is program management. Project managers who excel in coordinating multiple projects with interdependencies may transition into program management roles. Here, they oversee a portfolio of related projects, ensuring alignment with organizational goals and strategic objectives. Additionally, some project managers may aspire to become executives within organizations. The experience gained from leading successful projects equips them with a strategic mindset, and their ability to deliver results makes them valuable candidates for higher management positions. Continuous professional development is crucial for project managers looking to advance their careers. Pursuing certifications like PMP or Agile can significantly enhance their credibility and open doors to more challenging and rewarding opportunities. Networking within the industry and staying updated on the latest project management trends also play a vital role in career growth. Conclusion Project Management is a firmly established field that shows no sign of diminishing in demand or popularity. With every company coming up with new ideas every day, handling and managing those ideas would require some great minds. Turning an idea into a reality successfully lies in the hands of a Project Manager, and we hope you are ready to do it! We hope you liked our article on Project manager salary in India. These numbers above are not set in stone. The real influencer of your salary is the skills you have,  the mastery you have attained over them, and how quickly you grow and make the company grow as well. We hope that you found our collection of management project topics useful. If you want to work on management projects under the guidance of an instructor and learn crucial management skills, then we recommend taking our Post Graduate Certificate in Product Management Course.
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by Dilip Guru

24 Jan 2024

How Much CSPO Certification Cost in 2024? Is it Worth it?
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In this rapidly evolving landscape of project management, staying competitive and up-to-date with the latest methodologies is essential. This is where the Certified Scrum Product Owner certification steps in, offering professionals a comprehensive understanding of Scrum principles and practices.  With that being said, let’s explore what is CSPO and why CSPO certification is a pivotal step towards mastering agile product ownership.  What is CSPO Certification? Certified Scrum Product Owner, commonly referred to as CSPO, is a certification offered by Scrum Alliance, a global organisation dedicated to promoting and advancing Agile and Scrum practices. This certification is globally acclaimed by various industries, including Information Technology, infrastructure, automobile, manufacturing, and more. The CSPO certification focuses on the role of the Product Owner within a Scrum team.  A Certified Scrum Product Owner is responsible for maximising the value of the product developed by the Scrum team. They collaborate with other team members, customers, and stakeholders to ensure the product backlog is well-defined and completely aligned with the business goals.  Why Do You Need The CSPO Certification? Before we delve into the details of the CSPO certification cost, let’s first understand why you need this certification.  The CSPO certification is deemed valuable by business organisations worldwide for many reasons. Such include, Deep Understanding of Scrum By earning the CSPO certification, you can enjoy a complete and comprehensive understanding of all the Scrum principles, practices, and methodologies. It equips you with the much-required knowledge to effectively implement Agile and Scrum principles in your organisation. Clear Product Vision The CSPO certification course trains candidates to define a clear product vision, create a well-defined backlog, and prioritise features based on business value. This, in turn, helps to ensure that the final product is in perfect synch with the consumers’ demands and the business enterprise’s goals.  Global Recognition CSPO certification is globally recognised, and therefore, including it in your resume not only provides additional weightage but also leads to enhanced career opportunities. Higher Salary Potential According to a recent report, CSPO-certified professionals’ remuneration is significantly higher than other non-CSPO-certified professionals, reflecting a potentially lucrative career path for aspirants.  Improved Communication The CSPO certification course also teaches effective communication skills to all its candidates, thus enabling them to bridge the gap between technical and non-technical stakeholders. Overall, obtaining the CSPO certification empowers you with the skills and expertise required to excel as a Product Owner in Agile and Scrum environments. Furthermore, it also leads to successful product development and improved business outcomes. Besides getting CSPO certifications, check out upGrad’s Fullstack Software Development bootcamp, which comes alongside numerous benefits, including an immersive learning platform, 160+ hours of training sessions, and more. How to get CSPO Certified? In order to get CSPO certified, you need to enrol yourself in a two-day CSPO workshop, which is conducted by a Certified Scrum Trainer. Under this mandatory workshop, candidates will learn in-depth about Scrum practices, Product Owner responsibilities, and real-world applications.  Upon successful completion, you will receive the CSPO certificate from the Scrum Alliance, which will be valid for two years. Currently, there is no assessment test involved in receiving the certificate. In order to maintain and renew this certification, you will be required to pay a renewal fee of $100 and earn Scrum Education Units (SEU) through ongoing learning and professional development activities.  Check out Free Management Courses at upGrad. What You Will Learn In the Certified Scrum Product Owner certification course, candidates get to explore a wide range of skills and knowledge related to Agile and Scrum, specifically focused on the role of a Product Owner. Here is an overview of some of the key areas covered in this curriculum. Agile Principles and Values You will learn about Agile’s foundational principles and values, including collaboration, customer-centricity, iterative development, and more. Risk Management The course also offers some effective methodologies and techniques for mitigating risks through predictive planning. Product Owner Role and Responsibilities An in-depth understanding of the crucial roles and responsibilities is bestowed on the shoulders of Product Owners. A few examples of the same include creating acceptance criteria, defining user stories, ensuring the team delivers optimum value to stakeholders, and more. Faster Delivery Methods A complete overview of the various methods utilised in order to ensure maximum high velocity, that is, within the time and budget frames. Value Maximisation Exploring strategies for maximising values delivered to customers and stakeholders, including techniques for prioritising work that generates the most impact. Aiming to sharpen your project management skills in the field of development? CSPO certification, complemented by Software Engineering Courses from upGrad, can be the exact boost your career needs!  Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses Certified Scrum Product Owner Certification Cost Across Different Countries The table mentioned below highlights the approximate CSPO cost across different countries in the world. Country Currency Cost Range USA USD 1000-2000 India INR 20,000-30,000 Canada CAD 1000-1500 Australia AUD 1000-1200 Is CSPO Certification Worth It? Simply put, yes, the CSPO certification is worth it for any individual aiming to add enhanced skillset and credibility to their resume. Mentioned below are some reasons aspiring project managers can benefit from it.  CSPO-certified individuals bring value to organisations by improving product development processes, increasing collaboration, and delivering customer-centric solutions. CSPO-certified professionals possess the dual ability to micromanage tasks while complying with the bigger picture using various Scrum tools, such as breakdown analysis. CSPO certification opens doors to new opportunities and career growth. CSPO certification widens your networking horizon by giving you the chance to interact with other like-minded professionals. CSPO-certified candidates acquire the skills and knowledge required to excel in their roles. This increased confidence, in turn, leads to better decision-making and problem-solving abilities. While the CSPO certification can undoubtedly be a great addition to your resume, it is also important to consider whether it aligns with your specific goals and needs. For those interested in landing a job as a Product Owner or a Business Analyst, earning this certification can be a smart choice in the long run. Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] Average Salary of CSPOs The average salary of CSPOs, especially in India, is currently estimated at INR 22 lakh per annum. However, this figure significantly varies based on specific factors like roles, experience, skills and locations.  Let us take you through how CSPO salaries are different based on the diverse roles in India. Role Average Annual Salary Business Analyst INR 6,55,793 Product Owner INR 17,04,108 Lead Business Analyst INR 15,55,405 Senior Product Manager INR 26,76,289 Agile Coach INR 24,44,464 Top Companies Hiring CSPOs There has been a steady increase in demand for Certified Scrum Professionals over the last few years as companies are realising how crucial the role of a CSPO is. In fact, the market also claims that, compared to non-certified professionals, CSPOs are highly coveted. With that being said, mentioned below are a few examples of some of the most renowned companies globally that are actively looking for CSPOs. Amazon Inc. Intel The Walt Disney Company Siemens and AT&T Company, among others. Explore the array of  Management Courses offered by upGrad. Conclusion The CSPO certification course holds the potential to greatly benefit professionals occupying roles as Product Owners, Business Analysts, and those in related fields. It offers an array of advantages, including the enhancement of career prospects, bolstering credibility, and attaining global recognition.  Upon completion of the CSPO certification course, participants will acquire the essential confidence and knowledge necessary for ensuring the triumph of projects, value delivery, and the cultivation of an environment committed to perpetual enhancement. Since the field of project management is seeking to employ the cream of the crop, getting scrum certification can be your chance to be a part of that team! In addition to CSPO certification, aspiring tech managers can explore upGrad’s Executive PG Program in Software Development to strengthen their tech skills along with efficiency in project management with CSPO!  FAQs
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by upGrad

25 Sep 2023

How Much PMP Certification Cost in 2024? Is it Worth it?
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The Project Management Professional (PMP) certification symbolises proficiency, expertise, and devotion in a growing professional landscape where project management is the backbone of organisational achievement. As we approach 2024, those seeking to advance their project manager career path are highly curious to explore how much PMP certification costs and if it is worth the investment. Around 90 million project management employees currently drive project-based sectors globally. However, global talent demand is expected to rise, requiring 25 million new project management specialists by 2030. This highlights the essential importance of project management and the need to develop skills to suit the changing needs of highly competitive sectors. Wondering how you can leverage PMP certification to enhance your chances of bagging a project management role? Let us embark on a journey to uncover the many facets of PMP certification fees in 2023. We endeavour to present a clear picture of the financial responsibilities involved, from exam fees to instructional resources, helping you navigate this path with utmost clarity.  Along with PMP certification, if you’re aiming to acquire specialised knowledge in the domain of product development, upGrad’s PG Certificate in Product Management can be an excellent choice! What is PMP Certification? The PMP certification, issued by the Project Management Institute, validates your aptitude and talents in project management. It demonstrates your understanding of the most recent project management concepts, methodologies, and practices. PMP credential holders earn approximately 16% more than non-certified equivalents in 40 countries.  A project manager has to fulfil specific standards and then take a 180-question exam to obtain PMP certification. Since project supervisors designed the PMP exam for project managers, each test question can be tied to real-life project management scenarios. How Long Does PMP Certification Take? The time required to claim a PMP certification varies drastically, depending on the candidate’s work experience and education degree. Potential PMPs are expected to bring three to five years of work experience, depending on whether they have a bachelor’s degree. Education Time duration High School or Secondary School Diploma 35 hours of project management training or a CAPM certification 60 months experience in managing and leading projects Graduation or four-year degree 35 hours of project management training or CAPM certification An experience of 36 months in spearheading projects PMP Certification Advantages & Benefits After completing your Professional Certificate in Global Business Management from upGrad, if you’re seeking the dynamic role of a project manager, PMP certification can benefit you in a myriad of ways. Here are some of the most notable advantages you will get if you obtain your PMP certification:  Global Recognition PMP certification is widely recognised and respected throughout the world. This accreditation can help you advance in your profession regardless of location.  Acquire New Skills PMP certification will compel you to hone your project management abilities. Furthermore, the exam will most likely introduce you to new concepts and ideas you can apply daily.  Assist you in Becoming a Better Project Manager Obtaining PMP certification will help you become a better project manager by providing you with knowledge and abilities. This can lead to better project outcomes and more satisfaction at work.   Higher Pay than Non-Certified Project Managers PMP-certified project managers earn more than non-certified colleagues. PMP professionals make 20% more than non-certified project managers on average.  Increases the value of your resume PMP perks include increasing the value of your CV and making you more appealing to future jobs. Furthermore, holding the accreditation can give you a competitive advantage when applying for jobs.  Demonstrates your commitment to the job Earning your PMP credential reflects your dedication to the project management profession. This can be useful while looking for new jobs or promotions.  PMP Certification Cost Given below is the PMP certification cost: PMP Exam Application Fee The PMP test can only be taken after enrolling and depositing the application cost on the PMI website. You can apply for the certification test after being a PMI member or apply without becoming a member. In order to acquire membership, you have to pay a membership cost of INR 9,963 and a PMP joining exam cost of INR 772.  Joining PMI is advantageous because members receive a price reduction on exam application fees.  The non-member fee is INR 42,863, which is lowered to INR 21,933 for members.  Training and Preparation Costs As per the PMI guidelines, an applicant requires 35 hours of training to acquire a PMP certification. Therefore, learning about the PMP training costs is a necessity. PMP certification costs relevant to in-depth classroom preparation in India range from INR 15,000 to INR 40,000, and online training programs may cost INR 10,000 to INR 40,000. On the other hand, self-paced programmes usually range from INR 5,000 to INR 15,000.   PMP Certification Renewal Cost The PMP certification is subject to renewal every three years, requiring payment of the renewal fee of INR 3,475 for members and INR 11,585 for non-members. PMP Certification: Acquired Skills Obtaining a PMP certification allows you to learn and rediscover project management skills and stay current on industry concepts and technologies. These are the abilities you obtain after studying for the PMP certification. Effective communication: It is the most important ability for all project managers to cooperate effectively with teammates and clients. Efficient time management: To ensure seamless project execution, competent project managers must appropriately organise and handle time.     Risk Management: All initiatives contain some level of risk, and being able to foresee and manage them accurately is essential. Leadership Skills: As the team’s leader, project managers must be able to manage every stakeholder and carry the project through to completion.  Problem-Solving Skills: Unexpected obstacles can arise at any time during a project. The project manager must ensure the project is completed on schedule and within the set budget. Explore the array of  Management Courses offered by upGrad. Best PMP Online Courses In order to acquire a PMP certification, online courses can help you ace your PMP certification exams in the first attempt. The following is a collection of free PMP online courses: Course name Service Provider Duration Free PMP Training Master of Project Academy 1 hour PMP Project Management_ Fundamental Concepts for Beginners Alison 2-3 hours Project Management (Short Course) Oxford Home Study Centre 20 hours Project Management Certification LinkedIn Learning – KICKOFF (Free PM Course) Project Management Institute 1 hour  Check out Free Management Courses at upGrad. PMP Market Demand  PMP certified professionals are in high demand across a wide range of industries, including information technology, construction, manufacturing, and healthcare. They’re also in high demand in government and non-profit organisations. PMP-certified project managers often earn more than non-certified project managers. Let’s explore the PMP market demand across different sectors with the help of some figures. PMP Certification: Job Opportunities The table below lists some of the most prominent employment opportunities for PMP Certified Professionals within industries: Sector Recruiters Construction Alliance International, RK International, Hector & Streak Consulting Pvt. Ltd., DPR Construction Dynamic Group, G Gheewala, Randstad India Finance JP Morgan Chase & Co., Bain & Company, Yes Bank, McKinsey & Co., SBI, Barclays, HDFC Information Technology Tech Mahindra, TCS, Wipro, HCL Technologies, Microsoft, Cognizant, Infosys, Microsoft, Intel, HealthCare Apollo Life, Cipla, Cadila Healthcare, Wipro GE Healthcare, e-business Amazon, Myntra,  Flipkart,  Sales & Marketing HDFC Bank, Tata Capital, Maruti Suzuki, Walmart,  ICICI Bank,  Honeywell Top Recruiters Use PMP Certification PMP-certified individuals are hired in both the public and private sectors. Certificate Project Management Professionals are in high demand both in India and overseas. Students who complete the course can find high-paying jobs in various professions.  Cisco Accenture AECOM SAIC Bank of America Ericsson JPMorgan Chase Southern California Edison Microsoft Jacobs Google Amazon Appirio Perficient Icon Lakeshore Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses PMP Certification Salary PMP Certification Salary – By Company The following are the PMP salaries offered by the country’s biggest MNCs: Company Name Average Annual Salary  Accenture INR 7,68,000- 40,00,000 Capgemini INR 8,23,000- 30,00,000 Infosys limited INR 9,60,000- 20,00,000 IBM India Pvt ltd INR 8,17,000- 30,00,000 HCL Technologies ltd INR 6,50,000- 30,00,000 PMP Certification Salary – By Sector Sector Average Annual Salary Construction INR 9 LPA Finance INR 6 LPA Information Technology INR 14 LPA HealthCare INR 8 LPA e-business INR 11 LPA Sales & Marketing INR 16 LPA Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] Conclusion In conclusion, The decision to pursue the PMP certification in 2023 is based on a delicate equilibrium of the costs and prospective advantages. The Project Management Professional (PMP) credential is the highest standard for project managers. PMP-certified experts are in high demand and can earn higher wages than non-certified colleagues. Therefore, claiming a PMP certification can significantly boost your career to reach the next level! With upGrad’s Management Essentials programme, you can further delve into the world of management and explore how to navigate the challenging path of project management as a career.  FAQs  
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by upGrad

24 Sep 2023

Average Product Manager Salary in India in 2024 [For Freshers & Experienced]
42669
Wondering what is the range of Product Manager Salary in India? Are you a product manager? Or are you planning on transitioning to this role? Then this article is for you. We’ll discuss the salary of product managers in India and find out what it is. You’ll also find out what this job is about and what skills help one in getting a good salary. You will find out the average product manager salary in India. If you have the required skillset and are ready to keep yourself updated, your career as a Product Manager is expected to keep growing onwards and upwards. This line stands true especially when we consider that a product manager salary in India is directly or indirectly dependent on how upskilled and updated they are. This way you’ll be able to find great jobs in this sector easily and advance your career accordingly.  We are sure, this must-have sparked a will to become a Product Manager within you! Let’s take a look at who exactly is a Product Manager and what is a typical Product Manager salary in India? Your Pace- Your Place- Thats why we are here What is Product Management? It is precisely what it sounds like – complete management of the product delivered. Now, it is to be remembered that the term ‘management’ is a subjective term, relative to its context. In light of product management, it means a field in an organization that manages the lifecycle of a product. Right from the idea conception to building marketing strategies – product management involves everything that one can find about a product until it’s running actively. Because of the demand, product manager salary in India is one of the highest. Source Check out our management courses to upskill yourself. Key Responsibilities of Product Managers  Product managers’ job description outlines the following responsibilities: Setting out the product vision, roadmap, and strategy. Specifying the research needed to gather market information for determining and representing the needs of customers. Providing insights and perspective on product portfolio planning. Reviewing product specifications and requirements and evaluating new product ideas. Working in liaison with marketing, sales, engineering, and support to ensure the fulfillment of business case goals and customer satisfaction. Gauging market competition by comparing competitors’ products with those of the company. Calling on customers with field salespeople to evaluate sales call results and assessing product market data. Defining the objectives for product marketing communication. Preparing short-term and long-term forecasts, reports, and analyses on product sales. Determining product pricing based on market research data and reviewing production and sales cost. Recruiting and training employees for product management staff. Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses Qualifications Required to Become a Product Manager To pursue a career as a Product Manager in India, you’ll need to meet certain criteria, including holding a degree in fields like management, business administration, computer science, engineering or marketing. Additionally, a practical background of 2 to 5 years in product design, testing, or development is essential. Familiarity with tools such as Google Office and Microsoft Excel, along with associated software, is also expected. What are the skills required to be a product manager? To make your career to grow as a Product Manager and earn the highest possible product manager salary in India, you need to have update yourself with: #1 Strategic Thinking After setting the product’s goals and key initiatives, the product manager needs to realize the higher-level vision. This starts with asking the right questions and then understanding the market and competition. #2 Excellent Oratory Skills Keeping a lot of people in the loop, adjusting their language as per the audience – from customers and sales personnel to marketing and finance – product managers coordinate with both the internal and external stakeholders throughout the product life cycle. This requires a higher level of expertise in multiple fields. A product manager has to be a collaborative leader. He must be able to work with teams. A product manager is a leader of the product. He needs to associate with varied functional groups. When it comes to backlogs as well as stakeholders, it is a task of a product manager to focus on both and appease both. upGrad’s Exclusive Product Management Webinar for you – How to craft GTM Strategy for a Product? document.createElement('video'); https://cdn.upgrad.com/blog/panel-discussion-on-crafting-gtm-strategy-for-a-product.mp4   He needs to be confident, assertive, and able to communicate with internal and external stakeholders efficiently. So, there are opportunities galore for product managers, and the indispensable nature of their jobs ensures that project manager salary in India is quite elevated. #3 Neat Negotiation Skills As discussed earlier, a product manager works with teams, both internally and externally, of varied domains. Tech, Marketing, Sales, HR – the product manager is generally found shaking hands with each of them. Since he’s the manager, he needs to get work done. To get that done efficiently requires good negotiation skills. #4 Analytical & Resourceful Product managers are valued for their meaningful analysis, problem-solving with holistic approaches. These mini-CEOs can guide the direction of content, UI, development, marketing, as well as visualize the outcomes at both macro and micro scales. How to Get Started in Product Management? To begin your journey in product management, enhance your foundational knowledge by exploring essential concepts like product life cycle, development processes, management principles, and roadmap creation through resources like blogs, books, and podcasts. This immersive approach will lead to a stronger understanding of product management, setting the stage for structured learning. This phase of introspection will help you assess if product management aligns with your goals and desires. How can Product Managers Increase Their Salaries? Initiating a conversation about the product manager salary Bangalore is appropriate when your employer begins to witness the positive impact of your contributions and observes a surge in customer engagement. If you’re effectively achieving your objectives and goals, seeking an improved product manager salary in India is certainly justified. Consider the following strategies that can help enhance the negotiation regarding the product manager salary: Thorough Preparation Before entering product management salary negotiations, dedicate time to thoroughly research industry benchmarks and your own accomplishments. Approach with Respect and Empathy Approach the discussion with a respectful and compassionate demeanor, acknowledging the complexities involved in getting good product management pay after placement. Salary Range Presentation Rather than presenting a single figure, propose a range of salary of product manager in India that reflects your value and the industry standard. Be Prepared for Rejection Even if you believe your proposed increase is reasonable, be mentally prepared for the possibility of rejection, and remain open to further discussions. Why are Their Salaries Higher? One might question the reasons behind the higher product manager salary in Mumbai and wonder if this trend is merely a passing fad, potentially leading to a corrective shift. However, it’s important to consider several influential factors that contribute to the average salary of product manager in India. The current salary landscape for PMs is not merely a fad; instead, it reflects a nuanced blend of dynamics within the industry. Furthermore, projections indicate that PM salaries are likely to continue their upward trajectory, reaching even higher levels.  Limitless Leverage In the past, labor resulted in direct output, but with capital and technology, leverage emerged, enabling workers to achieve 10 to 1000 times more. Product Managers benefit from leverage in industries with significant workforce costs, justifying higher salaries for their expertise. Leverage multiplies their impact, skills, and decisions. Today, we live in an era of vast leverage, where work is easily replicated, granting autonomy and immense potential for personal and widespread influence. Demand-Supply With India rising as a global hub for product innovation, e-commerce, and pioneering technology unicorns, a substantial surge in demand for various product-related roles is imminent. This demand will encompass positions such as Product Managers, Software Developers, Testers, User Experience specialists, and more. Institutional Hierarchy It’s important to recognize that while some product roles may involve individual contributions, especially at the senior levels, they carry substantial strategic responsibilities, positioning individuals within the middle to upper echelons of the organizational hierarchy. As a result, Product Manager roles are seldom entry-level positions, given the intricate blend of strategic decision-making and impactful contributions they entail.  Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses #5 Practicing Empathy As a product manager, you need to be at ease as you meditate through varied skill sets like data analysis, communication, the psychology of the users, market research, etc. At each step, you’d need to understand and weigh down the opinions of the stakeholders and the customer’s requirements. #6 Amazing Attention to Detail A good product manager can spot the possibilities where others would have seen it as nothing more than a wasteland. #7 The “fight, not flight” outlook To be a successful product manager, you need to have the conviction to say NO many times instead of succumbing to the scenarios. As products are built with limited resources, time, and a barrage of ideas, the product managers are inherently tied to the success of the products and can deliver more than anyone else. #8 Long-sightedness A good product manager can forecast the approximate benefits of the product and could easily do so by applying past experiences and leveraging comparable benchmarks. They also help to measure interest once projects are launched and factor those learnings into future prioritization and forecasts. #9 Passion for products A product manager is essentially required to be fond of products. They are needed to be able to recognise greater products with a go. Besides, they should be efficient enough to let one know what the customer will like and what will be disliked by the customer. Moreover, they must be capacitated to learn the loopholes in a product and go through them. They must know the strategies to scale up a product continuously.  A product manager who is utmostly passionate regarding a product shall ever be able to lead his team for its further development. #10 Understanding The Consumer A better product manager should be capable enough to understand the consumer’s demands. In addition, he should draw empathy to consumers; after all, a product is meant to sell to the consumer. So, a product manager must be efficient enough to understand and cater to the demands of the consumers, which will facilitate the development of a loyal as well as larger consumer base. A product manager must communicate to the consumers, must go for an interview or survey with them, and gain deeper insights. This will contribute to developing the product and make it worthy to the consumers based on their demands. The probability of meeting a consumer is enormous. Therefore, a product must take the necessary steps to resolve consumer issues. The said act on the part of a product manager will contribute to reaching the target customer at a wider scale.  #11. Execution A product manager, as mentioned earlier, is a leader  of the product and is essentially required to tie up with numerous functional groups that are working to reach the final end. Henceforth, he must possess those qualities and the ability to execute or ship products confidently. An efficient product manager is supposed to do every possible thing that is at the base of achieving success.   Prerequisites for Product Management      Source According to HBR, “any aspiring product manager needs to work on their core competencies” to make a great PM. However, there’s more to it than it appears at the surface. We’ll go through each of them in details: Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] First, the eligibility criteria You need to have a relevant bachelor’s or master’s degree in Business Administration, Computer Science, Finance, Engineering, Economics or Marketing to start strong. You would also require ample field experience for at least 3-5 years in the process of product development, strategy-building, testing or any level of product designing. You should be comfortable in making and translating data reports in Microsoft Excel, Google Sheets, and other related software. You need to have excellent time management skills, should be able to work best under pressure, and handle tight deadlines. Know more: Key skills of product managers Second, the creative side of things Now, when we say a product manager to be a wizard, it means they need to have higher creative abilities and a keen mind to keep up. Therefore, you must be adept at making detailed competitive reports from scratch, discern marketing strategies according to scenarios, and much more. You are comfortable in building/providing insights to product roadmaps for any of the product development stages or understand the fine lines of resource allocation. Third, the emotional quotient you’d need Perhaps, one of the most underestimated skills in the field of product management is the ability to build a repertoire with your clients. In-depth understanding of practical interpersonal skills that can be useful for ideation to delivery and marketing of a product. Believing in building symbiotic relationships with your clients/business owners by the right body language. Knowing how to handle challenges in a fruitful way, as well as keep the team motivated at the same time. Take hurdles efficiently and derive approach around them while conveying effective communication across all channels. What is the Average Product Manager Salary in India? According to PayScale, the average salary of product managers in India is ₹1,669,290 per annum. Although the average product manager salary in India is around 16 lakhs, it can go up to 30 lakhs per year with experience and added skills. Source Even the starting pay is quite high for this role. You can expect to earn somewhere around 7-8 lakhs per year when starting out. And when you add profit sharing to the mix, you get an additional 50,000 to 1 lakh added in your pay. Factors Affecting Product Manager Salary in India The four main factors affecting the Product Manager Salary in India are: Company – The company that you work for will have a direct impact on the salary you get. Experience – The more experience you have, the better is the ability to understand the roadblocks and provide quick solutions for bugs. A combination of experience and company will get salaries and positions that help create a mark. Location – In the coming years, location is all set to play a smaller role in the salary you can expect. But, even then, location will continue to have an impact on the salary you can ask for and get from a prospective employer. Skills – The important skills you have, the better is the ability to understand. Location is all set to play a vital role in deciding the machine learning salary in India. In the following points, we have broken down the various factors which affect your salary. Product Manager Salary in India: Based On Company The demand for these professionals is high in the market and many companies pay handsome amounts for this role. That’s the primary reason product manager salary in India is quite high. The ever increasing demand. The role of a product manager is crucial to the success of an organization because they oversee the development as well as the performance of the software product the organization relies on. Big organizations pay generously to their managers while small companies also offer competition to them. For example, Citibank pays its product managers an average of Rs. 17 lakh per year while HDFC Bank was found to pay around 9 lakh for this role. On the other hand, IBM India pays around Rs 20 lakh to their product managers. SAP pays a similar amount to their product managers. Other tech companies also pay around 20 lakh for this role. List of few top companies and their salary range from Payscale: Source Product Manager Salary in India: Based on Location Apart from the employer, your location will also have a huge impact on the product manager’s salary in India, you get as a product manager. It has been found that product managers in Bangalore earn 17% more than the national average.  Other cities that offer better pay for this job are Pune and Chennai. New Delhi was found to be the worst major city in this regard as the average pay is around 28% less than the national average. What is the Production Manager salary? Curious about the right production manager salary? Professionals have recognised varying salary numbers across the nation when it comes to production manager or associate product manager salary in India. Product Manager Salary Chennai: It is mentioned worthy that the product manager salary Chennai is ₹9 LPA. Product Manager Salary Delhi: It should be highlighted that a product manager salary Delhi is ₹6.7 LPA. Product Manager Salary Hyderabad: Experienced professionals across the nation have observed product manager salary Hyderabad to be around ₹9.5LPA Product Manager Salary Pune: A product manager salary Pune is that of ₹9.4 LPA Source Product Manager Salary in India: Based on Experience The more experience you have the higher your pay package will be. So, let us break down product manager salary in India, depending on how many years of experience you have in your bag – Let’s see how a product manager’s salary in India varies based on experience. Entry-Level Product Manager Salary in India The average entry-level product manager salary in India is ₹1,102,000. Mid-Level Product Manager Salary in India The average mid-level product manager salary in India is ₹1,679,068 Experienced Product Manager Salary in India The average experienced product manager salary in India is ₹2,008,430 Let’s see how gradually the product manager salary in India increases by experience: Source Product Manager Salary in India: Based on Skills As we mentioned earlier, one of the most important factors which determine the salary of a product manager is the skill. You must’ve noticed in the job description how diversified and challenging this role is. Due to its dynamic requirements, this role requires one to have mastery of several different skills. The most skills among product managers include Product Management, Financial Planning and Strategy, Product Development and People Management. Make sure that you have these skills to get better pay as they help you get above-average salaries. Source Other skills that are necessary for a product manager to have are Requirements Analysis and Agile Software Development. Product Manager Salary in Other Countries Product Manager salary is The US: $108,642 Product Manager salary is The UK: £48,170 Product Manager Job Description Product managers are vital for the growth of a company. It’s a versatile role that requires the person to wear many hats. But what does a product manager do? Well, a product manager has to develop products, do market research, figure the product’s specifications, pricing, and its requirements. He or she also has to figure out the time it’ll take to create the product, how it will be marketed and what are the potential products they can develop. Product development is a rigorous task and it requires the product manager to perform a variety of tasks. Here are the primary tasks a Product Manager does: Choosing the Product In most cases, a company has several potential products to work on. It’s the responsibility of the product manager to choose which one would be the right fit according to the market’s condition and requirement. The manager will have to assess the market, develop analyses of the product’s ROI (return-on-investment), and handle the inventory turnover. Assessing the Competition No matter how good your product is, if your competition is doing something better, it won’t succeed. That’s why assessing the competitors’ products and marketing strategies is also a responsibility for a product manager. He or she has to analyze the marketing campaigns and the product of the competitors to understand their USPs and figure out how his or her company can offer a better solution. Manages the Team A product manager also has to manage the team handling the product. He or she is responsible for the recruitment, orientation, and training of the employees. As a product manager, you’ll also have to make sure that your team has the latest skills and is familiar with the requirements of the market. So a product manager also conducts workshops and training sessions for the staff. Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Who Is An Associate Manager? An associate manager secures a junior position to that of a product manager. An associate manager learns under working as a product manager. He is guided and mentored thoroughly by a product manager. There is much scope for securing jobs as an associate manager in India.  Job Roles Of An Associate Manager In India: An associate manager has a number of tasks to perform. Those are listed below: Collection of product data Conducting customer research Gathering information and aligning them with the objectives of a business Coordinating external and internal stakeholders Development of features of products Working on product development strategies What Is An Associate Product Manager’s Salary In India? There is a lot of scope in India to develop a career as an associate product manager, and the associate product manager salary in India is quite lucrative. Despite this, the first question that swirls around one’s mind is what is an associate product manager’s salary in India. An associate product manager salary in India on average in a year is 16.2 LPA.  Concluding Thoughts There is a lot of demand for product managers in the industry. Companies need to deploy more and more software products to survive in this market and they can’t do so without talented product managers. We hope you liked our article on Product manager salary in India. These numbers above are not set in stone. The real influencer of your salary is the skills you have,  the mastery you have attained over them, and how quickly you grow and make the company grow as well. The salary statistics also show that product managers will continue to be in demand for the coming years. If you are curious to learn how to build a product roadmap through user research, prototyping and product analysis, and more, check out Duke Corporate Education & upGrad’s Post Graduate Certificate in Product Management.
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by Jitesh Goel

19 Sep 2023

PMP Certification Eligibility Criteria & Requirements In 2024
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Adding an emblem of authenticity and credibility to your project management skills, a PMP certification is among the most prestigious certifications for project managers. PMP is globally recognised, which enables aspiring project managers to aim for reputed, global organisations offering exceptional opportunities. Data also states that the global median salary for PMP-certified individuals is 16% higher than for project managers without a certification. Wondering how you can claim yours? Let us take you through a detailed guide, navigating all about PMP certification and eligibility criteria. However, before getting started, let us explain project management and PMP’s significance in it.  What Is Project Management? Project management refers to the discipline of planning, organising, and overseeing the execution of projects to achieve specific goals within defined constraints. Whether the development of software for business processes or the construction of a building, everything falls under the realm of project management. It involves specific skill sets, knowledge, and techniques to deliver value to people.  Effective project management helps to ensure that projects are completed on time, within budget, and match the desired quality. It minimises the chances of risk and maximises the utilisation of resources. Furthermore, it also facilitates communication and collaboration between team members and stakeholders, thus ensuring the overall success of an organisation. A recent survey concluded that by the next ten years, India will witness a drastic increase in the need for project management professionals, amounting to as much as INR 70 lakhs. By leveraging certifications like PMP, you can increase your chances of getting hired across reputed organisations.  Understanding PMP Certification: An Overview Before we delve into the details of the PMP certification eligibility criteria, let’s first understand what PMP certification is and why it is important. The PMP (Project Management Professional) certification is a globally acclaimed professional credential offered by the prestigious Institute of Project Management (PMI). It validates an individual’s knowledge and expertise in project management and signifies their ability to effectively manage projects and lead teams.  The PMP certification demonstrates proficiency in various aspects of project management, which includes project initiation, planning, and execution, and extends all the way to project closure. It is deemed important by employers, significantly increasing your chances of career advancement in project management roles across multiple industries.  Check out Free Management Courses at upGrad. Why Is PMP Certification Important For Your Career? PMP certification holds great significance among companies and recruiters for many reasons. Let us explore some of these reasons.  Global Recognition  The PMP certification is a globally recognised credential. Therefore, adding the same to your resume can help you to achieve global acknowledgement across various industries. Enhanced Career Opportunities According to a recent report published by the Project Management Institute (PMI), 2027 will witness a significant increase in project management roles, amounting to as much as 87.7 million. Following the current shortage of qualified project management talent, oncoming days are expected to project rising PM career opportunities. Under such circumstances, achieving a PMP certification can open doors to various job opportunities and lead to career advancement. Staying Up-To-Date With Industry Trends By opting for this certificate, you can always be aware of the latest changes and current trends in project management. The curriculum is constantly updated based on the current industry scenario, and with proficiency, you can easily stand apart from the crowd.  Networking Opportunities Obtaining a PMP certification provides you with the opportunity to join a worldwide network of certified experts, opening doors to valuable connections and industry knowledge. This network can be leveraged to your advantage whether you pursue employment or seek recommendations. Higher Compensation Lastly, earning a PMP certification increases your overall chances of landing a higher compensation package than non-certified professionals. The current salary of project managers in India is estimated to be INR 13 lakhs per annum. In addition, a recent PMI survey also claims that project managers with a PMP certification are likely to receive 16% more salary than project managers without a PMP certification.  Other certifications, like the PG Certificate in Product Management from upGrad, can further offer you the field specialisation required to become the guiding figure in your role! Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses PMP Certification Eligibility Criteria & Requirements  In order to be eligible for the PMP certification exam, candidates must fulfil certain criteria set by the Project Management Institute. These include, Set 1 Set 2 A secondary degree (High School Diploma, associate’s degree, or global equivalent. A four-year degree (Bachelor’s degree or global equivalent) At least 5 years (60 months) of non-overlapping project management experience, consisting of at least 7,500 work hours. At least 3 years (36 months) of non-overlapping project experience, consisting of at least 4,500 work hours. 35 hours of formal project management education. 35 hours of formal project management education.  In addition to this, it is also advisable to start preparing for the PMP certification exam by studying the Project Management Body Of Knowledge Guide and practising with sample questions and mock exams.  Besides preparing for PMP certification with the PMI guide, check out Management Essentials from upGrad and get ready to build a successful career in project management! Explore our Popular Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Courses PMP Certification Exam Application Process Now that you clearly understand the requirements and eligibility for PMP certification let’s see how the exam process works.  Check Eligibility Before applying, the first step is to adhere to all the PMP certification eligibility criteria and requirements.  Register for A PMI Membership Following this, log in to the official website for PMI and register for a PMI membership. One of the main benefits of this PMI membership is that it cuts down the cost of PMI application fees and exam retake fees. Enrol In The PMP Certification Training Course The PMP certification training course helps you complete 35 hours of formal project management education, an important part of the eligibility process. In addition to this, the course also offers several test papers that you can use to ease down the preparation process.  Online PMP Application Submission Once you have completed the program, you can apply for the PMP exam through the website. You can expect a response from the institute after five days of submitting your application.  Experience Verification PMI may select your application for an audit. If audited, you might be required to provide additional documentation, such as copies of your degree certificates or other project management details, for verification. Therefore, it is always advisable to keep all the necessary documents handy. Take The Exam Once all these steps have been completed successfully, you can take the exam, which consists of 180 questions that must be completed within 230 minutes. There are three main categories: business environment, people, and process. Therefore, start with your preparation accordingly. Explore the array of  Management Courses offered by upGrad. Conclusion PMP certification is a valuable asset for individuals who wish to establish themselves as competent and skilled project management professionals. It provides numerous benefits, including career growth, professional development, global recognition, and more.  Hopefully, our detailed guide, highlighting the various PMP certification eligibility criteria, has cleared all your doubts and queries. In addition to this, you can also check out multiple other project management courses that are available online to upskill and enhance your career.  One such among them includes the Professional Certificate in Global Business Management offered by upGrad. This 6-8 month program is specially designed for working professionals and brings forth several benefits such as 24*7 student support, 100% US credits, global case study discussion, and more. and take your career to the next level with upGrad! FAQs
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by Keerthi Shivakumar

18 Sep 2023

Top 30 PMP Example Questions & Answers for 2024
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The Project Management Institute awards the Project Management Professional (PMP) as the world’s most renowned project management qualification. It draws a lot of company executives and project specialists who want to advance their careers. However, are you ready to appear for this challenging exam? If not, let us take you through a curated selection of the most recent and pertinent PMP practice questions, complemented by skillfully produced solutions. Whether you’re an experienced professional looking to validate your abilities or a beginner looking to certify, our questions and solutions boost confidence and provide tips for success. PMP Exam Overview The PMP exam assesses applicants’ competence in managing the workforce, procedures, and business priorities in an uncertain and dynamic world. This popular and valuable certification requires meticulous preparation, willpower, and an intense focus. Following the most recent exam topic outline modification, the PMP examination now comprises 180 questions (instead of 200), two ten-minute breaks (instead of one), and three phases/domains (instead of five). Now, let’s dive into sample PMP questions to help you navigate your way through this challenging certificate exam. Top Sample PMP Questions and Answers for Exams Given below are the top free PMP exam sample questions, answers, and thorough explanations to aid you with your project management learning.  1. You are a new project manager without any prior experience. In this case, relying on _____ while planning to increase your chances of success would be BEST. A- Your intuition and training B- Stakeholder analysis C- Historical information D- Configuration management The answer is C. Historical information. Before starting a new project, the first item to look into is previous knowledge of similar projects in the company’s process assets library. 2. You and the sponsor are discussing which estimation methodologies should be employed early in the life of your project. You want expert judgement, while the sponsor prefers analogous estimating. It would be BEST if you: A- Accept similar estimating as a type of expert judgement. B- Propose life cycle costing. C- Determine why the sponsor requires such a precise estimate. D- Try to persuade the sponsor that expert judgment is usually more correct. A is the correct answer. Accept comparable estimating because it is a type of expert judgement. You can accept analogous estimating because it is a form of expert judgement. This is a difficult question. 3  A project manager is working on a request for proposal (RFP). In what stage of the procurement procedure is she? A- Carryout procurements B- Plan Purchases C- Procurement Control D- Complete Procurement The answer is B; she is in the process of procuring a plan. RFPs are also procurement documents. As a result, it is prepared as part of the planned procurement process. The RFP specifies what the buyer expects from the seller. 4. You wish to organise your project stakeholders according to their level of authority and involvement in the project. Which of the following models is appropriate for this? A- Grid of Power and Interest B- Grid of Power/Influence C- Grid of Influence/Impact D- Salience Model  B  is the correct answer: Power/Influence Grid. The authority of a stakeholder indicates the stakeholder’s power, while the involvement of a stakeholder shows the stakeholder’s amount of influence.  Check out Free Management Courses at upGrad. 5. All of the following statements are valid in the context of a desirable model of communication between a sender and a receiver EXCEPT: A- Noise should be kept to a minimum. B- After deciphering the message, the receiver must respond. C- The receiver should acknowledge the sender’s communication before agreeing to it. D- The receiver should provide feedback to the sender. The correct answer is C. The sender is responsible for the message’s transmission as part of the communications process, as well as ensuring the information being sent is clear and full and confirming the communication is correctly comprehended.  6. Which procedures include measuring, inspecting, and verifying work and deliverables to ensure they meet requirements and product acceptance criteria? A- Workshops B- Surveys C- Expert Opinion D- Inspection The correct answer is D. Inspection activities include measuring, inspecting, and validating work and deliverables to evaluate whether they meet specifications and product acceptance standards. 7. As a project manager, you are responsible for managing stakeholders’ expectations. All of the above are interpersonal skills that you should employ EXCEPT: A- Establishing confidence B- Conflict resolution C- Risk-taking D- Listening actively The correct answer is C. The project manager uses interpersonal skills to manage the expectations of stakeholders. 8. Your company has formed a partnership with a service company to create a software programme. During the teaming agreement process, which of the following should be prepared collaboratively by both the buyer and the seller? A- Contract B- Contract, work statement for procurement C- Proposal Request D- Human Resource Plan The correct answer is B. In rare circumstances, the seller may already be working under a contract sponsored by the buyer or both parties jointly. In this procedure, the buyer and seller collaborate to create a procurement statement of work that meets the project’s needs.  9. You’re attempting to collect ideas for project and product needs. Which technique is best for this? A- Brainstorming B- Nominal Group Technique  C- Affinity Diagram  D- Decision Analysis Using Multiple Criteria A is the correct answer. A technique for generating and collecting multiple ideas for project and product requirements. 10. In your risk management strategy, you have documented all potential risks to your project, along with suitable risk actions when they arise. All remaining dangers are referred to as: A- Risk Indicators B- Uncontrollable Risks C- Residual Threats D- Risks Accepted The answer is C. Residual threats are those expected to persist after planned responses have been implemented, as well as those that have been knowingly accepted. Back your preparation with upGrad’s Post Graduate Certificate in Product Management and gain in-depth knowledge and hands-on experience in product-related management for specialised skills. But first, let us take you through the nitty-gritty of the PMP exam! 11.  _________ are not usually the result of distinct organisational cultures and practices. A- Visions, values, standards, beliefs, and expectations are all shared. B- Coworkers’ personal characteristics and attitudes. C- Views on authority relationships. D- Policies, methods, and procedures. The correct answer is B. Personality refers to individual differences in distinct patterns of thinking, feeling, and action. Personality attributes are not usually indicative of a company’s overall culture. 12. The most prevalent source of project dispute is: A- Schedules B- Technical viewpoints C- Personal matters D- Priorities for the project The correct answer is A. Schedules are regarded as one of the most typical sources of dispute in a project. 13. The management style that fosters team spirit, promotes good work, and encourages teams to reach their full potential is as follows: A- Facilitating B- Promotional C- Conciliatory D- Authoritarian B is the correct answer. Promotional: Fosters team spirit; recognises and rewards good work; and encourages subordinates to reach their full potential.  14. As a project manager, you must be open and honest about: A- Confidential information.  B- Proprietary information.  C- Unproven information and hearsay are spread.  D- Your decision-making procedures.  D is the correct option. According to the PMI code of ethics, 4.2.1 We provide transparency in our decision-making process.  Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses 15. To be successful, bargaining must take place in the following conditions: A- Flexibility and comprehension are required.  B- Sincerity and consideration.  C- Mutual respect and cooperation are essential.  D- Sincerity and sensible caution are required.  The right option is C. One of the five Cs of written communication is negotiating to reach mutually acceptable agreements between parties and reduce approval or decision delays.  16. The “halo effect” is the proclivity to: A- From within, promote.  B- Employ the best.  C- People skilled in their technical fields should be promoted to project management.  D- People should be moved into project management because they have received training.  The correct answer is C. The halo effect is the tendency for positive impressions of a person, organisation, brand, or product in one area to impact one’s attitude or feelings in another.  17. Active listening is defined as: A- When the speaker is speaking, pay close attention.  B- When the speaker is unclear, ask questions.  C- Both A and B are correct.  D- Neither A nor B are correct.  The option C is correct. Active listening techniques include acknowledging, clarifying, verifying, comprehending, and removing barriers to comprehension.  18. What percentage of the Project Manager’s time is spent communicating? A- 30% B- 50% C- 70% D- 90% Option D is correct. According to research, top project managers spend approximately 90% of their time on a project communicating.  19. Which of these is correct for a product developed or a service performed? A- Poor quality is tolerated, but poor grades are not. B- A poor grade is tolerable, but poor quality is not. C- Either a poor grade or poor quality is acceptable. D- grade and quality are synonymous. Option B is correct. While a quality level that fails to meet quality requirements is always a problem, a low-grade product may not be a problem. Explore our Popular Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Courses 20. Variance/trend analysis is performed throughout the following processes: A- Risk assessment and management  B- Response to risk  C- Risk assessment  D- Plan for Risk Mitigation  Option A is correct. Variance analysis examines the discrepancies (or variance) between planned and actual performance. This can include estimates for duration, costs, resource utilisation, resource rates, technical performance, and other variables.  21. Who is in charge of recognising and managing risk? A- Project manager  B- Team members C- Project sponsor D- Functional manager A is the correct option. The project manager is in charge of identifying and managing risks. 22. What proportion of the overall distribution does 3 Sigma from the mean represent? A- 68.26%  B- 99.99%  C- 95.46%  D- 99.73%  D is the correct option. According to common probability, 99.73% of all events will fall within three standard deviations of the mean (above or below); this is Three Sigma.  23. A work breakdown structure, a status report, and a responsibility assignment matrix are typically employed throughout a project. However, their application may be iterative. Here are several examples: A- Tools for Project Management B- Deliverables  C- Milestones  D- Work products  Option B is correct. Deliverables are quantifiable items or services that must be provided at various stages of a project and at the end of the project.  24. A project was evaluated, and the following earned value data were discovered: AC: $900,000 PV: $750,000 EV: $750,000 What is the project’s burn rate? A- 1 B- 1.2 C- 0.83 D- 1.1 Option B is correct. CPI =750000/900000 =0.833 Burn rate is the inverse of CPI (1/.833=1.20)  Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] 25. According to Herzberg’s Motivation theory, which of the following is a hygiene factor? A- Salary  B- Accountability C- Promotions  D- Recognition and rewards  A is the right option. According to Herzberg, the sources of discontent are “hygiene factors.” To get rid of them, make sure your pay is competitive.  26. Project Quality Management is the process of incorporating the organisation’s quality policy into project and product quality standards in order to: A- Meet the objectives of stakeholders B- Improve process capabilities C- Keep control of your products, services, and outcomes. D- Meet the project team’s performance expectations. Option A is the answer. Project Quality Management encompasses the methods for combining an organisation’s quality policy into project and product quality criteria in order to achieve stakeholders’ objectives. Project Quality Management also supports the performing organisation’s continual process improvement operations. 27. Understanding, measuring, specifying, and controlling needs are essential for attaining the following goals: A- Customer anticipations B- The statement of scope C- Management at the highest levels D- Functional specifications A is the correct answer. The process of monitoring and documenting the outcomes of quality management operations in order to evaluate performance and ensure project outputs are complete, correct, and fulfil customer expectations. 28. A schedule compression approach is one that is utilised to decrease the scheduled time while incurring the least amount of incremental cost by adding resources. A- Programme evaluation and review technique (PFRT)  B- Crashing C- PDM stands for precedence diagramming method. D- Rapid tracking B is the answer. Schedule compression techniques are utilised to shorten or accelerate the schedule duration without compromising the project scope to satisfy schedule limits, enforced dates, or other schedule objectives. The negative float analysis is an effective technique. 29. What exactly is portfolio management? A- Managing the project file’s numerous contents. B- Managing the levels of financial authority to facilitate making project decisions C- The centralised management of one or more portfolios to achieve strategic goals. D- Using resource levelling heuristics to achieve all of the organisation’s strategic goals D is the answer. Portfolio management is the centralised management of one or more portfolios to achieve strategic goals.  30.  Parametric estimation requires the following steps: A- Specifying project cost and duration parameters B- Developing independent cost estimates for each work package and merging them to calculate the overall project cost C- Developing a cost estimate for project work by establishing a statistical relationship between relevant historical data and other variables. D- Estimating the current project’s cost based on the actual cost of a previous similar project Option A is the solution. Analysing cost, programmatic, and technical data to identify cost drivers and construct cost models for project life cycle cost and duration parameters is what metric estimating includes. Strategies to Choose the Best Answer on PMP Exam Questions While a uniform method is not applicable to this exam, here are some helpful suggestions and approaches a candidate may take to guarantee that they select the correct answer for the questions. Use the elimination process first to remove the incorrect alternatives and then zero in on the right option.  Understand question types – You should be able to determine which of the four question types is being asked to understand and respond effectively.  For formula-based questions, performing calculations while reading the question to obtain the estimate in mind and viewing the options will help avoid incorrect and confusing choices.  Use a review flag to skip ahead and review or return to questions once you’ve answered all of them.  Explore the array of  Management Courses offered by upGrad. Conclusion As we conclude our ‘Top PMP Example Questions & Answers for 2024,’ we’ve provided you with an effective resource to help you prepare for the PMP exam.” These carefully chosen questions and extensive answers provide insight into every aspect of project management, helping you to enhance your abilities and knowledge.  As you begin your PMP certification path, note that constant practice and ongoing learning are your greatest assets. We wish you the best of luck in passing the PMP exam and establishing a successful career in project management. Amp up your preparations with upGrad’s Professional Certificate in Global Business Management programme. It provides an exceptional learning experience for individuals aiming to grasp the core principles of management.
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by Keerthi Shivakumar

18 Sep 2023

Why Should You Consider Product Management as a Career Option?
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Introduction We often come across the title Product Manager and wonder how this role differs from other PM roles. Product Management is a vital function of a business that has widespread desecrate business functions. The hand behind shaping these pieces of this jigsaw is the Product Manager. Check out our management programs to upskill yourself. What is Product Management? Product management is a necessary function within a business that deals with all phases of the product life cycle (PLM) responsible for producing an innovative and profitable product or service. The PLM is responsible for integrating people, data, processes, and business systems. The typical stages under product management include product scoping, development, positioning, business needs, demand analysis, planning, certifying, complying, pricing, product launch, marketing of a product and distribution, etc. It provides product information for companies and their extended supply chain enterprise. It is the responsibility of the product manager to make sure that the product requirements are met and that it is able to gain the confidence of the users. The product managers understand the customer demands and grievances and address those by either integrating or removing certain elements from the product. Product management is not an isolated domain, and rather it involves inputs from various other fields as well, such as engineering, marketing, etc. Product managers understand the product and develop the strategy and roadmap for the product. Apart from working within the team and knowing about the ongoings within the organisation, the product managers also maintain proper tracking of the competitor’s products.  Before launching any product in the market, the product management team ensures that it is tested, has the approvals, and has undergone enough demos. It is due to the understanding of the product managers they can identify the correct positioning of the product and work closely with the marketing team. Not only that, but they also work closely with the sales team in order to train them on the products. So the people deliberating  “Is product management a good career?” should be assured that yes, it is, as it provides good leadership opportunities to product managers. Product Management Tasks A product manager’s job description is not stated as distinct and consistent, unlike other subjective jobs, say as software engineer. This is because product managers’ responsibilities vary significantly across the industry sector, businesses, and product lines. Irrespective of their specific responsibilities, all product managers live with a primary function: drive in introducing, developing, and marketing the products and be responsible for their success of those. Read: A complete guide on product manager career growth Product management in organizations is classified into three major categories: Strategic product management – It refers to working on strategies and tasks that make the product successful. It involves doing market analysis and research to tackle the needs through trends and demand management. It also includes competitive analysis (including SWOT analysis) to derive reliable project planning. Technical product management – It refers to the responsibilities in requirement settings and needs analysis gathering, followed by staging product development and feasibility planning. Product marketing – It is responsible for the Go-To-Market phase tasks, in coordination with sales objectives. Explore our Popular Management Programs Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Programs The first two categories catering to product planning and development lie in the “inbound” functions focused on organizational stakeholders. In contrast, the third lies in “outbound” catering distribution and communication in the outside world. Source A product marketing manager usually liaisons with a product manager, the sales, and the marketing functions to develop marketing communications to help in the product launch. In order to perform the tasks required to be done during the product management career, the professionals must possess certain skill sets that are helpful. Some of the skill sets are mentioned below- Research skills Technical skills Product management  Business acumen Innovation Communication Critical thinking upGrad’s Exclusive Product Management Webinar for you – How to craft GTM Strategy for a Product? document.createElement('video'); https://cdn.upgrad.com/blog/panel-discussion-on-crafting-gtm-strategy-for-a-product.mp4   Product Management Role Why product management function is vital in the product life cycle because it lives with the product. The Product Manager does carry out significant PLM tasks, the entire product life cycle –from conception to consumption, such as strategic planning, product roadmaps promotion, marketing, etc., which requires vigilance and directives. For startup industries, the role is crucial, as the product manager has to devise the entire business workflow afresh. In larger-scale industries, they have narrowed responsibility. The authorized product management experts moderate business between clients, stakeholders, and product development organizations. They are responsible for ideating, conceptualising, innovating and developing products that are aligned with the company’s vision and are aimed at the target group. Thereon, they are also responsible for strategising the product development process that does not flout any rules and follows the ethical norms and regulations. The PMs are responsible for the analysis of profits and losses and are in charge of all the documentation and communication.  The young job aspirants having the doubt “Is product management a good career in India?” should be clear that it definitely is a very good option. There is an ample number of employers, and today in almost every company, there is a requirement for product managers. Based on the focused responsibility in a given channel, their roles are also specialized, such as sales manager, marketing manager, brand manager, business manager, etc. Salary and Demand You will wonder why product management is in high demand these days. This is because a Product Manager possesses unique abilities allowing them to work across teams, meet tight deadlines, finish product roadmaps, and more. According to PayScale, the average salary of product managers in India is ₹1,701,689 per annum. It goes high, up to ₹3,200,000 for experienced candidates with technical domains like a software products. Apart from tech, the logistics and supply chain industry are the highest paying sectors for Product Managers. Source Career paths for Product Manager (Unspecified Type). The thickness and colour of lines indicate the popularity of movement from one job to the next. Source The graph illustrates why product management stands high. The Technical Product Manager role, with a “technical” base either in qualifications or in the line of experience, earns the highest average salary. Such candidates are required to keep themselves upgraded with technical skills and remain abreast with technological development around. Your field of study adds some credit to the domain and product line. The business skills in the role of project manager add credit. The job role of each of these product managers differs. As they grow in their career, so are their responsibilities and compensations. A product analyst’s job role includes researching for market and analyzing the market trends. With the aid of the techniques and research, they are able to give recommendations backed by numbers to the stakeholders.  Whereas, the product managers understand and analyze the consumer needs, and monitor the performance of the products to help in strategizing the roadmap for better growth. The young professionals having the thought “Is product manager a good career?” should be satisfied that yes it is a very good career. It has numerous employers, across locations and countries. Along with that, it gives a really high compensation that grows even more as one grows in their career. Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] Source The product management demand also varies with the type of sector. Currently, not only do IT and ITES companies recruit product managers, but also in other service sectors, project managers play vital roles. The Product Management jobs market in India shows a swift rise in global companies. For example, the LinkedIn job site flashes more than 34,000 jobs, including 12,000 openings on Amazon alone. A career in product management promises good growth and a successful career. Before diving into this field, understand what the employers look for and, most importantly, the required skill sets. Then get yourself enrolled in a certification program that would help you build your foundation, which would be helpful in your practical life. Eligibility to Become a Product Manager If you have an outgoing personality, plus the ability to debate and lead various people in business, can understand the needs of the customers, manage a group of people, gather data from varied sources, and drive towards setting the tone for a product, can make the right decision for the product. Then you are serious about making a high move in the management stream; a career in Product Management results in a better choice. The business and management cadre students are likely to make the Product Manager roles more fruitful. The eligibility to dive into this line demands the below criteria: Minimum graduates in a Business related discipline; master’s degree in management preferred. Desirable work experience of 2-3 years in product management and coordination. Skillset: mostly lie in management and business acumen. Qualities: Leadership, Analytical, Strategic Thinking, Quantitative, Negotiating, Time Management, Operational Management. Product Management Certification at upGrad You will find upGrad, the ed-tech company, a provider institution for many courses in technology and management lines. They also offer a six-month certification course in Product Management. This course prepares aspirants of management professionals’ expertise to build a product roadmap and various strategies. Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] The strategy models on need analysis and the principle of product management function in a product launch. The course also conducts the walk-through and prototyping for the scenario of the product launch in the market. Students also receive practically shared expertise in case studies and mentoring from industry leaders. Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Skills and Qualities of a Successful Product Manager A profession in product management calls for a certain mix of abilities and traits that contribute to a product’s success and the company’s overall expansion. By acting as a link between diverse teams, product managers ensure alignment and efficient communication. The following are crucial abilities and traits that a successful product manager should have: Strong Communication Skills: Product managers must have the ability to communicate clearly with stakeholders, cross-functional teams, and customers. They must communicate their thoughts, engage in active listening, and promote intergroup cooperation. Product managers need to be adept at addressing problems, from deciding which features to prioritise to settling disputes. They can come up with creative solutions and make wise selections because of their strong problem-solving abilities. Strategic Thinking: Successful product managers think beyond short-term goals and focus on long-term product vision and company objectives. They align product strategies with the organization’s goals. Customer-Centric Approach: Understanding customer needs, pain points, and behaviours is crucial. A customer-centric approach helps in developing products that truly address user needs. Data-Driven Decision-Making: Data analysis allows product managers to make informed decisions based on metrics and user feedback. This skill is essential for optimizing product features and measuring success. Leadership Skills: Product managers frequently lead without having direct power. They establish a healthy and effective work environment by inspiring and motivating teams to strive towards a common goal. Flexibility: Because the tech sector is dynamic, goods must change swiftly. Product managers should be flexible and open to change, modifying their plans in response to changes in the market and new trends. User Experience Understanding: To design products that are intuitive, user-friendly, and fun to use, one must have a firm knowledge of user experience (UX) principles. Market awareness: It’s critical to stay current on market dynamics, industry developments, and rivals. This aids decision-making and keeps product managers one step ahead of their rivals. Challenges and Opportunities in Product Management Although product management presents a stimulating and fulfilling professional path, it is not without its difficulties and chances. Aspiring product managers can get ready for the path ahead by comprehending these elements. Challenges Balancing Priorities: Product managers often juggle multiple priorities, from customer needs to technical constraints. Finding the right balance is challenging but crucial. Managing Stakeholder Expectations: Different stakeholders may have conflicting expectations for a product. Product managers must navigate these expectations and find solutions that align with the overall strategy. Uncertainty and Rapid Changes: The tech industry is characterized by rapid changes and uncertainties. Product managers need to adapt quickly to shifting market conditions and emerging technologies. Decision-Making Under Constraints: Limited resources, time, and budget can pose challenges when making decisions about product features, improvements, and timelines. Opportunities Innovation: Product managers have the opportunity to drive innovation by identifying gaps in the market and creating solutions that address customer needs in unique ways. Ownership and Impact: Product managers often have a high degree of ownership over their products. They can see the direct impact of their decisions on product success and company growth. Cross-Functional Collaboration: Participating in multiple teams offers chances to learn from and work with specialists in a variety of fields, fostering both professional and personal development. Continuous Learning: Product managers are continually learning about emerging technologies, patterns, and user behaviours because of the IT sector’s rapid evolution. Conclusion We see the high end developments in emerging technologies like AI, ML, IoT, Cloud, and Big data, all set to a revolution in our daily lives and balance with parity products and product-based services. The development is ever-going and challenging. So it’s likely to raise the need for Product Management. This will undoubtedly lead to increased product management demand in the industry. Post Graduate Certificate in Product Management is set to cope with the demand. They are necessary for the fulfilment of workforce needs through a constant learning mission. The short-term certification in a product management program can help professionals gain new opportunities.
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by Jitesh Goel

12 Sep 2023

Product Manager Job Description
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The concept of modern Product Management first took shape at Procter & Gamble in 1931. The company wanted to become a brand-centric organisation, which called for more collaboration, transparency, and accountability in the workplace.  Neil H. McElroy—the man behind the idea—also worked as an advisor for the founders of Hewlett Packard. Product Managers at HP became the voice of the customer internally. They brought decision making closer to the consumers, contributing to sustained business growth. The Japanese philosophy of Kaizen, or continuous improvement, also added a new perspective to product management tasks. Here, the emphasis was on involving all employees, improving productivity, and making processes more efficient. Today, the product manager job description includes a touch of all these aspects. The following section includes the responsibilities and requirements to help you understand the role better. To know what is product manager job description you can use the information to fine-tune your job preparation strategy and identify the areas you need to upskill. Check out our management courses to upskill yourself. Product Manager Job Description 1. Role Summary Product managers function as mini-entrepreneurs in the organization, taking responsibility for a product, managing IT and non-IT operations, and building brands from the ground up. They use their practical know-how to provide vision and direction to cross-functional teams and roll out products aligned with the company strategy.  Moreover, this role involves executing several product lifecycle processes, such as product and market research, competitive analysis, product planning, and positioning, roadmap development, requirements management and communication, and product launch. 2. Responsibilities Investigate and develop a deep understanding of customer experience. Generate new ideas to fill gaps in products, improve customer satisfaction, and grow market share. Create buy-in for the product vision with internal and external stakeholders instead of pushing ideas and causing resistance. Prepare a comprehensive product strategy, including a roadmap and strategy for pricing and positioning. Translate the chosen strategies into detailed requirements and prototypes for testing.  Analyze the scope of activities and prioritize tasks based on business and customer impact. Propose overall budget to accomplish goals, given the resources and timelines.  Set pricing to meet the revenue and profitability targets and present regular revenue forecasts. Work collaboratively with engineering and other functional teams to deliver the product. Achieve a quick time-to-market with optimal resources.  Prepare sales tools and collateral; brief and train sales staff to get the desired results. Supervise product launches alongside top executives, Public Relations (PR) teams, and product management team members. Evaluate consistency of promotional plans with product line strategy. Ensure that the intended branding messages are conveyed effectively to the target audience. Act as a product evangelist, increasing awareness about the product and its features. Visit customers and clients to solicit feedback on the product and services. Represent the company at client meetings, product demonstrations, launch events, conferences, etc. Learn Digital Marketing Course online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Explore our Popular Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Courses 3. Educational Qualifications  A Bachelor’s degree in Computer Science, Engineering, or related fields. A postgraduate or equivalent qualification in Product Design, Engineering, Product Management (Preferred). 4. Desired Experience  Overseeing elements of the entire product development lifecycle. Managing cross-functional teams effectively in a matrix organization.  Delivering superior product marketing strategies and sales training. Working as a product developer, online advertiser, SEM specialist, or a non-managerial product role. Applying technical knowledge in software development and web technology careers. Documenting business cases, technical requirements, high-level use cases, revenue, ROI etc. Solving complex, practical product problems and getting the job done.  5. Required Skills Domain Knowledge Functional Skills Industry Knowledge Communication Skills Innovation Orientation Business Acumen Self Confidence Networking Customer Orientation Data Analysis Product Design Multitasking and Time Management With this, we have given you a summary of a what is product manager job description. Let us look at the current prospects for this role in India. Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses upGrad’s Exclusive Product Management Webinar for you – How to craft GTM Strategy for a Product? document.createElement('video'); https://cdn.upgrad.com/blog/panel-discussion-on-crafting-gtm-strategy-for-a-product.mp4 Scope of Product Manager Careers in India Product managers establish a mission, vision, and strategy for a product. And their work doesn’t stop there. They are closely involved in bringing the product to life. This way, they guide a product from conception through design and into its market release. Whether it is an IT firm or a non-IT company, product managers guarantee the success of product lines and services. They are the wind beneath the wings of any offer a business puts out for the customers.  Additionally, product managers continually strive for improvement in products. They work closely with other teams and departments, including Research & Development, Engineering, Manufacturing, Marketing and Sales, and Customer Support. Such a focus is essential to meet customer expectations in today’s highly competitive market environment.  It is, therefore, not surprising that a 2019 survey listed Product Management Courses as one of the most promising jobs of the year. The demand for the position has only gone up since.  The Indian IT industry, especially in B2B software products, is witnessing a consistent demand for product leadership roles.  Rising digital adoption across business sectors, prompted by the pandemic, further accelerates product management career paths. Emerging technologies like Big Data, Cloud, AI, and IoT are opening new avenues for product managers in the Industrial Revolution 4.0. It is clear from the above points what is product manager job description will not be obsolete anytime soon. They will be earning much more than engineers soon. According to Payscale, the average product manager salary is ₹17,41,318 per year. Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] Here are the estimated pay grades according to the number of years of experience: Less than one year (Entry-level): ₹9,00,000 per year 1-4 years (Early career): ₹13,00,000 per year 5-9 years (Mid-career): ₹17,00,000 per year 10-19 years (Experienced): ₹21,00,000 per year More than 20 years (Late career): 29,00,000 per year Key Tools and Technologies for Product Management 1. Product Roadmap Software Product roadmap software is essential for product managers to plan and visualize the strategic direction of their products. These tools help outline the product’s features, prioritize tasks, and set timelines for development and release.  2. Agile Project Management Tools: Agile methodologies are widely used in product management to foster flexibility and adaptability. Agile project management tools, such as Jira, Trello, and Asana, assist product managers in creating and managing tasks, tracking progress, and collaborating with development teams. 3. Customer Feedback and Survey Platforms Customer feedback is crucial for product managers to understand user needs and preferences. Tools like SurveyMonkey, Qualtrics, and UserVoice enable product managers to create surveys, collect user feedback, and gain insights for product improvements. 4. User Analytics and Data Tools Data-driven decision-making is a core aspect of product management. Tools like Google Analytics, Mixpanel, and Amplitude provide valuable insights into user behavior, engagement, and retention, helping product managers identify areas for optimization and measure product success. 5. Wireframing and Prototyping Software Wireframing and prototyping tools help product managers create mockups and interactive prototypes of their products. Tools like Sketch, Adobe XD, and InVision enable product managers to visualize and validate design concepts before development. 6. Product Analytics and A/B Testing Platforms To evaluate the effectiveness of product changes and enhancements, product managers use analytics and A/B testing tools. Optimizely, Google Optimize, and VWO allow product managers to run experiments, measure results, and make data-driven decisions. 7. Collaboration and Communication Tools Effective communication and collaboration among product teams are vital for successful product development. Tools like Slack, Microsoft Teams, and Basecamp facilitate real-time communication, file sharing, and team collaboration. 8. Product Lifecycle Management (PLM) Software Product lifecycle management tools help product managers oversee the entire product lifecycle, from ideation to retirement. These tools, such as Arena PLM and Siemens Teamcenter, streamline workflows, manage product data, and enhance cross-functional collaboration. Challenges Faced by Product Managers and How to Overcome Them 1. Ambiguous Requirements Product managers often face unclear or constantly changing requirements from stakeholders. To overcome this challenge, they should invest time in thorough requirement gathering and ensure regular communication with stakeholders to clarify expectations. 2. Competing Priorities Product managers deal with multiple priorities and projects simultaneously. To address this, they should prioritize tasks based on business impact, collaborate with cross-functional teams to align goals and utilize project management tools for better organization. 3. Resource Constraints Limited budgets and resources can hinder product development. Product managers should optimize resource allocation, focus on high-impact tasks, and negotiate for additional resources when necessary. 4. Market Volatility Rapidly changing market trends and customer preferences can disrupt product plans. Product managers should conduct frequent market research, stay updated on industry trends, and be ready to pivot their strategies accordingly. 5. Team Communication Effective communication within cross-functional teams is crucial for successful product development. Product managers should foster open communication channels, conduct regular meetings, and encourage feedback to ensure everyone is on the same page. Upskill for Continued Career Growth Suppose you want to kickstart your project management career and what to know what is product manager job description, gain a promotion, or advance to a high-paying job, upGrad’s Post Gradute Certificate in Product Management can help. This online course has global recognition from Duke Corporate Education and provides personalised mentorship from industry experts. The curriculum includes everything from product roadmaps and user research to prototype development and product analytics. Hands-on exposure to digital tools (for example, Excel, SQL, Google Analytics), industry projects, and dedicated placement support are other distinguishing features of the program. You can also specialize in an area like Growth Product Management, Data Science, and Digital Transformation.  Depending on your profile, you can go on to occupy the following designations in an organization: Associate Product Manager Technical Product Manager Product Marketing Manager Senior Product Manager Director of Product Product Owner Chief Product Officer Now that you have studied all the constituents of what is product manager job description, you can pursue these career tracks with clarity and focus!
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by Sriram

28 Aug 2023

What is a Project in Project Management? Definition, Features, Types & Examples
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Organisations initiate projects to fulfill strategic demands and attain adequate profit margins within a limited period. Each project is planned under a budget while focusing on the target factors. Projects are also conceived to prevent recurring issues like declining revenue, upcoming profit opportunities or consumer dissatisfaction.  Project management includes creating strategies to define the business goals and sharpen internal operations to generate prominent outcomes. You can understand what is a project in project management by looking for tutorial campaigns on informative sites.  What Does a Project Mean? Every project starts from scratch with a distinctive mission of fulfilling specific requirements. A defined project involves several varieties of non-human and human resources working together.  Characteristics of a project Projects are made of well-defined activities that can create a unique outcome and serve the target factors. Every project has a few fundamental characteristics, as stated below: Projects are time bound with a fixed starting and ending date.  Every project has a life cycle with a dedicated beginning, followed by a progression towards attaining the goals.  Each project is unique and can be stated as a single entity.  Managing a project requires collaboration within various departments. What are the 3M’s of a project? There are numerous ways to manage a project where you must embrace rapid actions using incremental and iterative operations. The stages of a project are always centred around methodology, mindset and metrics. To generate deeper insights into what is project management, you must acknowledge the 3M’s of a project.  The 3M’s of project management includes ‘measure’, ‘manage to measure’, and ‘make it easy’.   Measure: The steps in addressing a project must be measured to meet the requirements. Every project management phase must be calculated using a crafted method that can measure the gradual progress towards your target.  Manage to Measure: Efficient influence of the management teams can guide a project towards its best outcomes. It involves critical thinking, requiring you to visualise the dimensions of a project and solve the complexities. A project can generate higher success rates under accurate initiatives and suitable collaborations.  Make it Easy: Using metric sets can simplify the project execution, make it comprehensive, and reduce assessment time. You can use metrics to evaluate productivity, customer feedback, schedule variance, investment returns, employee performance, and so on.  Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Life Cycle of a Project Projects can be mapped by a life cycle portraying a step-by-step progression structure of every management operation. You can attain higher chances of profitable outcomes by evaluating project life cycles. It enables you to understand what is project scope and how to implement project modifications.  Studying a project’s life cycle is also helpful in managing various operative changes. Life cycles provide an organised plan to innovate, conduct, and complete a project. It consists of 5 phases, namely: Initiation: This marks the beginning of a project. It assures determination in achieving the goals, resources and scope.  Planning: The planning phase creates time frames, analyses budgets, distributes tasks, and gathers resources. It also depicts milestones, forecasts risks and generates operative principles.  Execution: It involves the implementation of the planned changes. This phase evaluates the progress, maintains desirable standards, reduces risk factors, and manages the defined budget.  Monitoring and Controlling: Projects are monitored by maintaining protocols and guided by data. This phase entails analysing the processes to accomplish your project’s goals.  Closing: This is the last stage of project management’s life cycle. It presents the ultimate product or service for the final evaluation. The closing stage wraps up the project activities and recognises your efforts.  Project Types The accurate approach in project management is denoted by the project type based on its service, market, and several other features.  Project types can be categorised as per the distinction parameters. The major categories of project types are listed below.  Based on the Funding Source Industrial Funding: These projects are funded by industrial sponsors who play an intrinsic role in the finance management market.  Public Financing: Regional projects, municipal models, public welfare and other administrative projects are executed by public sponsorship.  Contractual Transactions: The projects sponsored by contractors and operating business units come under this type.  Investors and Sponsors: The ROI or return on investment projects are financed by investors who aim for future profits through capital investment.  Based on Project Content  Communication: These projects specialise in building communication between communities, demographic sections, professions, etc. and enhance social relations.  Management: It includes projects on task assignment, stakeholder protocols, maintenance, etc.  Construction: These are majorly civil and architectural projects.  IT: The IT projects include database management, web development, network configuration, software development, etc.  Business: Commercial and marketing models are the prevalent business projects.  Production: It includes manufacturing, delivery services and numerous other projects.  Based on the Implementation Time  Normal Projects: These projects have adequate implementation time.  Crash Projects: Refers to projects with additional capital investment.  Disaster Projects: These projects have high capital costs and are most likely to fail.  Types of Project Management Methodologies Agile Kanban Scrum Waterfall Hybrid Critical Chain Project Management (CCPM) Critical Path Method (CPM) Six Sigma Lean Project Management Event Chain Methodology (ECM) DSDM (Dynamic Systems Development) FDD (Feature Driven Development) Adaptive Software Development Crystal XP (Extreme Programming) PRINCE2 (Projects IN Controlled Environments) RUP (Rational Unified Process) Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses Phases of Project Management There are different phases in project management based on the processes and operations. You can check out the upGrad certificate programme on Job-linked Advanced General Management from IMT Ghaziabad if you are interested in learning more about management methods and wish to explore the domain.  The basic five phases in project management operations are: Project Initiation Phase Project Planning Phase Project Execution Phase  Monitoring and Controlling Phase  Closing Phase  Check out our free courses to get an edge over the competition Difference Between Projects & Operations Although projects and operations are included in a product life cycle, they have different functionalities. The basic distinctions are: Category Projects  Operations  Key Factors  Temporary with unique endeavours.  Execution activities, usually ongoing and repetitive.  Duration  Have a specified time frame. It ceases to exist after the final product is achieved.  It is a permanent procedure that sustains after production for further utilities.  Budget Fixed budget  No defined budget  Risk Involves the risk of failure. Lower risk rates  Management  Managing projects is known as project management  Managing operations is noted as business process management.  Importance of Project Management Project management builds communication between the team and the clients, leading to successful execution. The vital importance of project management is listed below: Project management ensures the business opportunity value of delivery and the strategic alignment of your business goals.  It implements progression through directed leadership and maps the processes within a project.  Managing a project assigns well-defined focus and objectives for the team.  It establishes realistic expectations with achievable deadlines and budgets. Project management is important in quality control as it maintains a consistent record of the delivered products.  Using project management software can be instrumental in better management if you choose the right programme.  Implementing a Project Working on a project and executing it involves several steps and strategies. You need to plan the protocols before initiating and managing the ongoing activities to implement a project successfully.   Planning a project Before planning a project, you must understand what is project planning and how to improve your planning strategies. There are certain parameters and aspects to consider while working on project models.  The critical factors that you should follow while planning are: Conduct a thorough analysis of the created business case.  Communicate with the stakeholders for assistance and approval of the case. Establish a comprehensive definition of the project scope. Set distinctive project objectives and goals.  Analyse and determine the project deliverables.  Create the milestones and schedules of the project.  Monitor the task assignments, plan the resources and evaluate your team’s strengths.  Calculate the risk assessment. Explore our Popular Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Courses Factors that make a project successful Profitable projects usually pilot a prototype before real-time investments. You can gain further knowledge on what is pilot project by joining certified courses on project management.  Satisfactory results in the delivery of a project are equally important to its completion. The predominant factors that indicate a successful project are as follows: Time of Delivery: Prosperous projects are generally completed on schedule or before the anticipated time, reflecting dedicated efforts and teamwork.  Budget Management: Attaining the project goals and scope within the financial limitations implies a project’s success. It also denotes an obstacle-free budgeting journey.  Achieving the Objectives: A project gains purpose when its initial objectives are accomplished and intended goals are concluded.  Customer Feedback: Creating reliable contacts, receiving positive client feedback, and ensuring consumer satisfaction marks the success of a project.  Profit Margins: Successful projects have a profitable aftermath and pay back the invested revenue. Common Project Boundaries Project boundaries can be defined by the critical limitations you must consider while managing a project. The common boundaries of a project include:  Location: The demographics of a project’s location and its geographical reach can be a primary statement in project boundaries.  Equipment: The project boundaries determine the limitations in equipment and notify the members of the accessibility of specific tools.  Departments: Dissimilar distribution of tasks and profit benefits across the different departments of an organisation is another crucial project boundary. Project professionals tend to prioritise the familiar teams and sections.  Expertise: Project managers define the tasks within a project. An organisation lacking relevant professional support can be a project boundary.  Timeline: Project boundaries can detect the frequency of work and maintain updates. It also refers to a limited period and models a boundary statement.  Examples of Successful Projects Some of the renowned projects that have successfully achieved their missions are: American Airlines Siemens Healthineers  Amazon Triumph Group Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] What Next? Projects are initiated to enhance the achievements of a business or an organisation. It builds an opportunity to improve profitability and productivity through vivid policies and operations. Project managing is a crucial profession and significant in business management.  You can acquire further details on what does a project manager do and build a promising career in management by joining a relevant programme like upGrad’s PG Certificate in Product Management from DUKE. Amplify your career prospects in management with this course today!  Frequently Asked Questions
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by upGrad

08 Jul 2023