PMI’s new construction-focused certification and micro-credentials aim to equip project managers from the sector meet the new market demands and address the current skills gap crippling the industry.
The construction industry plays a significant role in a country’s economic growth and contributes to around 10 percent of the global gross domestic product (GDP). In spite of being slowed down by the pandemic, the industry has shown signs of recovery.
According to the Future of Construction by Oxford Economics, the global construction output is set to grow by 42 percent between 2020 and 2030 to reach US$15.2 trillion.1 The demand for infrastructure projects is expected to be higher in developing economies as they seek higher economic growth and cater to a swelling urban population. South Asia will be among the best performers in terms of output in 2022 as compared to pre-COVID-19 levels. India, like other global markets, suffered a sharp contraction in 2020 but rebounded in 2021, and in 2022 output across South Asia will be 9.5 percent higher than in 2019 in real terms.2
To capture these opportunities, construction companies need project managers who are equipped with the right skills to manage large, complex projects effectively. PMI’s 2021 Talent Gap report indicates that more than 61 million project management positions will be needed in manufacturing and construction by 2030, a 13 percent increase over 2019.3
But the demand for project managers far outstrips the supply of skilled talent across sectors. A PMI report states that the talent gap in project management is likely to impact every region, resulting in a potential loss of up to US$ 345.5 billion in global GDP by 2030.4
Inadequately trained project managers are a major reason behind a poor project success rate, resulting in project delays, cost overruns, and failure to meet stakeholder expectations.
A McKinsey report states that construction projects typically take 20 percent longer to finish than scheduled and are up to 80 percent over budget.5 These findings resonate with PMI’s 2020 survey among more than 40,000 global Project Management Professional (PMP)® certification holders in the construction industry. As many as 72 percent of them said they experience project delays always or often, and 73 percent said projects went beyond the budget.6
Hence, there is an urgent need to equip project managers with the right skills so as to enable them to complete projects successfully.
It is also important to note that a lot has changed in terms of how things are done in the industry today. The use of technology and the preference for sustainable construction methods have emerged as important trends. As per the 2019 World Green Building Council’s report, construction is responsible for 39 percent of the world’s carbon emissions.7 Both governments and the private sector are now looking for ways to reduce the burden construction projects put on the environment. Therefore, project managers from this sector must be aware of the latest technologies that can help them innovate and add value to infrastructure projects.
PMI, in collaboration with leading construction organizations and professionals around the globe, recently launched an offering that includes short courses, micro-credentials, and a soon-to-be-added certification in Construction Professional in Built Environment Projects (CPBEP)™. The offering is designed to equip project management professionals with the right skills and knowledge to manage the requirements of today’s construction projects.
The offering includes seven e-learning courses, three micro-credentials, and a capstone exam to earn the CPBEP certification.
The following are the courses currently available:
Project Communication Pro: Designed to enhance the power of effective communication across stakeholder groups in a construction environment.
Interface Management: Empowers effective management of communications, relationships, and deliverables among two or more interface stakeholders.
Scope and Change Order Management: Learn to take control of scope creep and effectively manage change orders in large engineering and construction projects and reduce waste, disputes, and financial loss.
Performance and Materials Management Pro: Covers the implementation of metrics-oriented performance management processes to increase transparency, reduce waste, and proactively address global supply chain challenges.
Technology and Innovation Pro: Focuses on the latest technology and innovative practices to drive the productivity and profitability of construction projects.
Contract and Risk Management: Offers effective risk management strategies to ensure successful delivery of construction projects. It also covers the Integrated Project Risk Assessment (IPRA) tool to improve risk management in built environment projects.
Execution Planning: Focuses on how to proactively manage project execution challenges and also features three complementary project planning and execution approaches that incorporate improved collaboration, communication, alignment, and team culture.
New components will be added to this offering in the near future.
Each course can be completed in 150 to 180 minutes.
6 https://www.businesswire.com/news/home/20211115006171/en/PMI-Releases-New-Construction-Offering-to-Address-Industry-Challenges-and- Rapid-Industrialization-Efforts