For every $1 billion invested in the United States, $122 million was wasted due to lacking project performance.
This data gives a clear answer that Project management skills are very important for every organisation to achieve success in their projects.
What is Project Management?
Project management is the use of processes, methods, skills, knowledge, and experience to meet particular project objectives within an allotted time frame while adhering to project acceptance criteria. Final outputs are bound by a finite timeframe and budget in project management.
Project managers are in high demand across a wide range of industries, including e-commerce, healthcare, and product development, such as mobile apps. However, most project managers need to have project management expertise, a bachelor’s degree or the Project Management Professional (PMP) certification, and critical abilities such as time management before starting a career as a freelancer.
- The ability to deal with high-stress situations
- Multitasking and managing multiple project parts at the same time
- Leadership skills
- Attention to detail
- Conflict resolution skills
The hourly wages for freelance project managers with essential project management skills in the United States is $87. So, it is clear that a freelancer with a master in project management skills can earn up to $1,00,000 annually.
Top 5 skills freelance Project managers should master
1 Resource Planning
One of the most common reasons projects fail is bad or no planning at all. A project manager should identify the project’s scope and analyse available resources, such as materials and the capabilities of each team member. The project manager should next devise a detailed plan for completing activities in order to fulfil project deadlines, making adjustments as needed until the project is done. Because you’ll be more focused, intentional, and effective in your efforts, your organisation and freelancing business will benefit.
2. Cost estimation and working within a budget
Financial management of the project is very necessary for the completion of a successful project. Financial forecasts are used by project managers to estimate costs and profits at the beginning of a project, and then they are reviewed and revised on a regular basis based on what really happened and what’s coming up.
3. Risk Management
Project managers must be aware of possible and existing threats to project success, as well as measures to avoid or minimize these threats. Risk can be both external and internal. External risks include competition, rising operating costs, and clients switching you in favour of a competitor. Internal risks include a lack of cash flow and a lack of capabilities for specific activities, internal issues in the teams.
4.Time management, Team management and Relationship management
This is the most important skill as they need to lead the team and prepare the plan in such a way that the deadlines are met and the project is completed on time. And most importantly building and maintaining effective working relationships with your clients to get other projects.
5. Reviewing the projects.
Because they are responsible for generating detailed reports to document all project needs and deliverables, project managers must also have great written communication abilities of reviewing the project.
Moreover, to get success in freelance by doing project management activities, one should take the project management training from a PMI partnered institute in order to master these skills and get success in your projects. There are institutes which teach you project management skills by their game-based methodology of teaching, this approach will definitely help you to get success in your freelance business.