A Guide to Project Management in Business
Project management encompasses planning, organizing and executing tasks to bring a product or service from concept to reality.1
What Does a Project Manager Do?
A skilled project manager creates systems that help team members from across an organization collaborate to achieve a common goal. Although the project manager does not have direct authority over employees, they understand how to use their indirect power to influence worker behavior through trust and positive workplace culture. These professionals function primarily behind the scenes, yet play an integral role in project delivery and ensuring that predetermined goals are achieved. Ultimately, a project manager contributes to project success, profitability and a positive return on investment (ROI).
What Are Common Responsibilities of a Project Manager?
Project manager responsibilities involve guiding a project through four key phases, from initiation to closure, including planning and monitoring execution.
Project Initiation and Charter Development
Project management begins with understanding the criteria and likelihood of success. This information should be noted in a Project Charter, which is a formal document establishing the stakeholders, purpose, objectives and timeline. The project professional must determine whether successful task completion is feasible and may need to seek approval to proceed.
Project Planning and Resource Management
The second phase of project management is planning. The manager must outline the tasks and identify the resources (such as personnel, technology, time and funds) required for completion. Next, the project manager can establish a schedule, budget and team.2 It is also essential to consider potential risks and plan accordingly to mitigate them.
Project Execution and Performance Monitoring
The third phase of project management is execution, when predefined tasks in the plan are implemented, and the project manager ensures the team has the resources, tools and instructions needed for success. While the team keeps track of progress and assesses results based on the predetermined Key Performance Indicators (KPIs), the project manager must also motivate high-quality performance and manage any necessary adjustments to the project.
Project Closure and Lessons Learned
Project closure is the final phase of the project management process. The project manager ensures that the final product or service is delivered, confirms that all vendors have been paid and marks the formal completion of all tasks. Finally, it is crucial to conduct a review. The project professional must consider what went well, what needed improvement and why. They should use this knowledge to inform actions and decisions for the next project.
What Industries Utilize Project Managers?
Though project managers are needed in companies across sectors, there are four major industries where their specialization is most sought after.
Information Technology Project Management
An IT project manager must possess a combination of technical knowledge and project management skills to facilitate technology-focused tasks such as digital integrations, data migrations and components of the software life cycle to help tech teams improve how businesses deliver value and defend against cyber threats.
Construction and Engineering Project Management
In addition to project methodology skills, a construction project manager needs to possess technical knowledge of construction and engineering concepts such as code requirements, zoning regulations, permitting processes, safety management and vendor coordination to ensure needs are met for team members, stakeholders and third-party vendors, while adhering to the regulatory requirements essential for maintaining the organization's security posture.
Health Care and Life Sciences Project Management
Project management in the life sciences sector involves overseeing processes for medical research, pharmaceutical development, clinical trials and health care delivery. This field requires specialized knowledge of legal regulations, industry standards and scientific principles, in addition to project governance skills such as process improvement and workflow optimization.
Marketing and Business Transformation
Project management is essential for business transformation (BT) to help ensure that changes are executed effectively. Project managers in this industry must possess a deep understanding of how to leverage digital tools to influence human behavior through clear communication, employee engagement and fostering a positive work environment. Professionals who work with marketing companies must develop fundamental knowledge of concepts such as branding, customer experience and print versus digital assets.
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What Skills Does a Project Manager Need for Success?
Project managers harbor a wealth of knowledge. These four critical skill sets differentiate successful project managers and help accelerate their career advancement.
Leadership and Team Management
Project managers need to influence individuals and teams to accomplish shared goals, and they must exercise this influence without the power of direct authority.
This is achieved by implementing methods for cross-functional collaboration, team building, conflict resolution and accountability. Effective team leadership involves setting expectations, delegating tasks, overseeing performance, addressing challenges and creating a positive work environment where team members feel motivated and supported to complete their assignments.
Communication and Stakeholder Engagement
Project managers need excellent communication skills for effective stakeholder management. Their role involves identifying stakeholders, understanding their needs and ensuring feedback shapes project outcomes. In the modern business environment, much of this communication is completed virtually. Thus, today's project managers should be well-versed in using technology to track progress and communicate changes with all parties involved.
Risk Management and Problem-Solving
Risk management is the process of identifying, assessing and controlling risks that threaten an organization's goals. Successful project managers are skilled at considering potential issues, analyzing their likelihood and impact, and executing strategies to minimize them, ensuring a smoother completion of company goals.
Technical and Analytical Capabilities
In today's tech-savvy society, project managers must be able to utilize the latest technology to accomplish their tasks. They also need to analyze data by identifying patterns and using that information to inform future decisions. Modern PM software helps project managers extract insights from data, allowing them to create more effective plans, manage company finances efficiently, mitigate risks, and ultimately enhance project outcomes and business performance.
What Education Do I Need for a Project Management Career?
A degree is often preferred or required by employers seeking project management professionals. Formal education helps you acquire versatile skills that apply to various industries and positions, increasing your marketability, value and confidence.3
Project management degree programs are designed to develop your leadership and technical skills through lectures and coursework that enhance your critical thinking, problem-solving and communication abilities. A rigorous program will also empower you to build a strong foundation in planning strategies, risk management and stakeholder communication, and gain experience with the modern tools and technology used in the field, including dedicated project management platforms.
Degree credentials also enhance your credibility and build your professional network. Some programs may even prepare you to meet PMP certification requirements. Professional certifications provide global recognition and demonstrate a standardized level of knowledge. Continuing your education with post-graduate certificates can help you stand out in todayās business world with specialized training and serve as a steppingstone to a master's degree.
Become an Expert of Managing Business Projects
Advance professionally with an OHIO online or professional (hybrid) MBA Project Management program that features online coursework and the Project Management Body of Knowledge (PMBOKĀ®) as identified by the Project Management Institute (PMI). Master the core project management competencies needed for executive positions while updating your knowledge of industry-specific tools and emerging technologies. Our faculty are industry experts and offer one-on-one support as you gain the strategic leadership, business acumen and execution skills needed for senior PM roles and executive advancement.
Related Resources
- Choosing an MBA Concentration: Project Management vs. Operations Management
- Guide to Hosting a Successful Virtual Hiring Event
- Key Differences Between a CEO vs. Owner of a Business
Sources
- Project Management Institute. "What is project management?" Retrieved Oct. 1, 2025, from .
- Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook. Project Management Specialists. Retrieved Oct. 1, 2025, from .
- PayScale. āAverage Project Manager Salary.ā Retrieved Oct. 1, 2025, from .
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