Answer:
I know this is long. I'm sorry.
1. Risk Management
The process of making conscious decisions to maximize the upsides and minimize the downsides of actions in your business is known as risk management. As a project manager, you have to be aware of a project’s potential for profit or loss and the decisions that could lead to either. Throughout the project, you should be attuned to the stakeholders’ measures of success and how each person’s decisions and actions could contribute to—or detract from—achieving those aims. You should understand your company’s (or the department’s) risk tolerance—do they have a budget dedicated to experimentation, or does every project need to yield a profit? With that framework, you can mediate decisions about the project’s timeline, resources and goals.
2. Cost Management
You’ll either receive a budget for a project or be tasked with presenting a cost estimate for decision makers to approve. It’s your job throughout the project to stay aware of the costs and keep the project from going over budget. Cost in project management is one part of what’s called the “triple constraint” or the “project management triangle”—the three boundaries of cost, time and scope that define the project. Managing cost includes balancing that constraint with the other two. You have to stay within budget while keeping the timeline on track and fulfilling but not exceeding the scope.
3. Reading and Writing
Reading comprehension and clear writing are vital skills for project managers. Strong reading and writing skills are important for just about any job, and they play a particularly prominent role in project management. You may be tasked with reading and interpreting technical documents or legal jargon with which you have no subject matter expertise. Then you need to turn that information into briefs everyone involved with the project can follow.
4. Planning and Forecasting
One of the key roles of the project manager is creating a roadmap for the project that’ll guide all other stakeholders in their roles. Understand that different scenarios will require different project management methodologies, and you should know how to determine which is the best option for each situation. You should have a penchant for order and organization; a quiet love for clear, measurable goals; and an understanding of tools like Gantt and PERT charts and other visual representations of project timelines and milestones. Forecasting involves providing a prediction of project outcomes—profitability, in particular—for managers and company leadership. You have to be comfortable with data analysis so you can interpret how past projects have performed and use the information to inform the future of the current project.