3 Project Management Trends That Will Shape the Future of Business

Project management is relevant to many types of businesses and virtually all industries. If it’s important to your company, you’ll want to understand the following 3 project management trends that will shape the future of business: 1. The Rise of Project Management in Developing Economies May Send Talent Overseas Tom DiVincenzo, writing on behalf of the US Bureau of Labor Statistics, has described the Project Management Institute (PMI) as being “the largest project management association in the United States”. In 2017, PMI published a forward-looking report which includes multiple predictions their experts believe will be fulfilled in the years leading up to 2027. rnOne of the most important items in this report: A forecast that global demand for project managers will increase, with significant amounts of demand arising in developing economies such as China’s and India’s. They also foresee increasing demand for project management talent in the United States, Australia, Canada and the United Kingdom. However, they predict a far less dramatic rate of growth for project management careers in these countries in comparison to the growth rate they expect to see in China and India. rnThis trend is likely to result in lucrative opportunities for experienced project managers to obtain work overseas. Entrepreneurs at home will need to consider retention strategies for their company's project management talent. rnFor current and aspiring project managers who seek to take advantage of this trend, acquiring international work experience is likely to become increasingly beneficial. A master's degree in project management could also prove to be helpful, particularly for professionals lacking international experience. David Noble, course coordinator for the Southern Cross University Project Management masters online degree program, explains that master's degree students learn to analyze facts and apply their understanding of the factual information creatively. He goes on to say that this understanding enables them to succeed at managing projects in any market, any country and any situation. 2. Cybercrime Necessitates Increased Security Awareness Because of the growing threat posed by cyber criminals, project managers now need to habitually focus effort on protecting all data that's entrusted to their team. Robert J. Ellison at Carnegie Mellon University has observed that project managers must actively incorporate security guidance into their operations. Otherwise, the end result will be a necessary reaction to security failures. It isn't a matter of whether or not criminals will attempt a security breach; it's a matter of when they will attempt it and what measures are in place to protect the data against such attempts when they happen. 3. The Internet of Things (IoT) Will Affect Project Management in Multiple Ways Research published by Marisa A. Sánchez at the Universidad Nacional del Sur, Argentina indicates that the IoT is rendering some standard project management practices obsolete. Sánchez explains that the IoT will have a profound effect on every aspect of project management, ranging from the project environment to the power structures involved. rnThese are 3 of the most significant project management trends that are already influential in the latter part of 2018. These trends are not likely to go away any time soon. Experts expect to see them gain steam in 2019 and the future beyond. Entrepreneurs whose businesses rely on project managers should give consideration to how these trends are likely to affect their interests in the future.