What is PMP certification?
PMP is an abbreviation for Project Management Professional, it is a professional certification offered by a not-for-profit professional membership association for the project, program and portfolio profession called Project Management Institute (PMI) based at Pennsylvania, USA. According to the May 2017 edition of PMI Today, PMI has 286 chapters, is spread in 208 countries and has 484,524 members.
(PMP) as well as Project Management Professional (PMP) are the registered trademarks of PMI and only those who hold a valid credential are authorized to use the letters PMP after the name. PMP certification can be attained by any professional who is involved in leading and directing projects and is independent of industry, geographic location and the size of the project. Once achieved the certification is valid for 3 years.
In this post let us see what benefits does PMP certification offer to both the individual as well as the organization.
How Individuals Benefit from PMP certification?
1. Get noticed
The project manager with a PMP certification definitely has a thorough understanding of the subject as compared to his counterpart with out a PMP certification. A certified Project Manager is well noticed in the organization and can easily stand out from the masses.
2. Global credential
PMP is a global certification that empowers a project manager to work in any industry, in any location and with any methodology.
3. Commitment towards excellence
Possession of PMP certification demonstrates individuals commitment to profession and his ability to implement his knowledge and experience in achieving project goals.
4. Achieve project success
With profound understanding of the subject certified project managers can build effective teams, engage their stakeholders, proactively handle project risks, and ensure profitability. Certified project managers have a competitive advantage over their peers.
5. Entitled to use (PMP)
Acquiring Project Management Professional credential entitles an individual to mention PMP after hir/her name.
6. A Boost in salary figures
It is estimated that on an average a PMP certified project manager earns 20% more salary than his counterparts who are not certified. The ninth edition of the salary survey published by PMI clearly shows that difference between the salaries drawn by the two professionals. If only the data pertaining to India is analysed the average salary of a PMP certified professional is INR 18,25,370 as against INR 13,22,054 to that of project manager without PMP certification. The maximum salary of professional with 20 years of experience as indicated in the report is INR 35,00,000.
How Organizations Benefit from PMP Certification?
1. Link strategy and execution
With the changing landscape of global economy and the competition that businesses face it is imperative that organizations delivery projects within budget and on schedule. Most of the organizations are aligning their projects to their strategy and a certified project management professional who can understand the value of project management acts as a link between the organizations strategy and the implementation of strategy.
2. Project Management culture
PMI in its publication pulse of the profession has indicated that, organizations that have well trained, certified professionals achieve their goals two-and-half times more often than those organizations that do not employ a professionally trained work force. These organizations are able to foster a project management mindset in their culture which assists in sustaining competitive advantage.
3. Achieve strategic goals
Pulse of the profession also points out that the organizations that have more than one-third of their project managers as PMP certified are two-and-half times more likely to complete their projects on time, on budget and meet their strategic goals, these organizations are also likely to spend 13 times less as compared to their peers.
4. Standardized project management processes
Having well trained and a professional work force also helps organization implement benchmark project management process. There is a direct correlation between having matured project management process and project success. According to the data published by PMI in its 2014 edition of pulse of the profession, organizations that have a mature project management practices have 70% chance of realizing the benefits as against 44% for those organizations that do not have project management processes.
When are you applying for PMP?
PMP certification certainly adds value to an individuals professional credentials, the question should not be whether to take the certification or not but when to enroll for the process. My post Step-by-Step guide to PMP certification can guide on how to apply for the PMP credential. The earlier one achieves this feat the better it is for both the individual as well as the organization.