Project Controlling Explained For Students Pursuing an MBA in Project Management

August 02, 2021

Understand the foundations of project control

Pic of an project leader with an MBA in Project Management
Project controls are important to implement in project management to achiece project success.

Project controls are critical to achieving successful program outcomes in business. Project managers are responsible for analyzing data, predicting likely outcomes based on that data, and improving project performance accordingly. Project controlling takes a holistic approach to business strategy, fostering skills in leadership, communication, agility, and analysis. An MBA in Project Management implements these skills in a “learning-on-the-project” approach, used to test how the theories and concepts of an MBA program can be applied to real-world contexts.

As such, an MBA in project management equips young professionals with both the theoretical and practical knowledge to pursue their ambitions in the business world. Read on to learn more about the fundamentals of project controlling for students pursuing an MBA in Project Management.

Understanding Cost Estimation and Time Management

Methods of project control largely monitor cost and schedules and explore ways to improve performance in those areas. Cost estimation defines what costs are required for each stage of the project, and allocates budgets accordingly. Various steps include gathering data, communicating with stakeholders, and applying traditional methods of organization combined with modern design elements. Time, budget, and quality are the foundation of any project. Managers must plan for these factors properly in order to successfully execute a project.  Students enrolled in an MBA schoollearn effective tools to ensure project goals, quality, timeframes, and budgets are upheld.

Pic of a team of project managers with an MBA degree
An MBA in Project Management teaches the importance of cost and time estimation.

Practice Effective Stakeholder Engagement with an MBA in Project Management

Stakeholders are a valuable asset in facilitating sustainable project outcomes. As a project manager, you’re responsible for ensuring that stakeholders are actively involved in and satisfied with the work of the project. Early on, students earning their MBA in Project Managementlearn various methods for identifying and engaging stakeholders for co-creation. Effective engagement involves reviewing and profiling stakeholders, alerting them to potential difficulties, and enabling them to make informed decisions. Graduates of a project management program understand the importance of open and active communication in a business plan, to encourage positive stakeholder engagement and streamline the project process at all stages.

pic of an project manager from MBA school
Identifying and engaging with stakeholders is essential to project management.

Developing a Risk Management Plan

Uncertainty in business is inevitable. Being able to identify that uncertainty and evaluate risks is an essential component of project management. Methods of project control allow managers to identify and monitor risks early on in the process, and develop plans to reduce the impact on timing and budget. Scenario techniques and alternative project plans can be included to encourage efficiency and agility in management. By accounting for what-if scenarios, managers can foster more predictability in projects and anticipate the potential outcomes. Understanding the variable landscape of business will help you to better prepare and execute programs.

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