We are hearing “PMI” so many times in project management world. In this article, we are going to explore what PMI Institute is. If you think the only role of the PMI is to give PMP certifications, you should especially read this article! PMI stands for Project Management Institute. Let us look at answers to all these questions you may have regarding PMI institute.
Attend our 100% Online & Self-Paced One-Hour Free PMP Training.
History of PMI Institute
Project Management Institute was established way back in 1969. PMI Institute is a ‘not for profit’ organization. The founders of PMI Institute are James Snyder, Eric Jenett, Gordon Davis, A. E. “Ned” Engman and Susan C. Gallagher. It was formed so that project managers could share information, best practices and discuss issues that are common to project managers. PMI institute has its headquarters in Pennsylvania, USA.
PMI: What the project management institute stands for?
What are the principles and philosophy of the PMI institute? The professionalism, positive impact and involvement of volunteers are the backbone of PMI. In addition to these, PMI focuses on bringing the community together and ensuring they are engaged for the betterment of the profession. All these while emphasizing ethical principles.
What does PMI institute do?
You may have heard of PMP-the flagship credential from PMI. So, are you wondering if it is into only certifications? Let us explore and understand what PMI institute does:
PMI institute certifies project managers, program managers, portfolio managers and business analysts. PMI enables learning for the project management community. You can learn through training & development. You can learn through seminars, conferences, online courses, webinars offered by PMI and its Registered Education Providers (REP). It also has some academic programs and research options. Moreover, you can get publications, case studies, white papers which enhance your knowledge. PMI also helps the Government and businesses assess their project management processes in addition to benchmarking them.
Project Management Certifications offered by PMI Institute
PMI institute offers project manager certifications that are developed by practitioners and meant for practitioners. The certifications assess your real world experience. Added to this, it helps you gear up to managing projects in a better way. There are various types of certifications from PMI institute. Let us understand what they are and how you can get these credentials.
Project Management Professional (PMP):
What does the tag ‘PMP’ at the end of your name mean? It says that you have a Gold standard competency in managing, leading and directing projects. So how do you get that coveted ‘PMP’? The PMP certification requirements are:
- Four-year bachelor degree plus.
- Then you need an experience amounting to at least 4,500 hours leading and directing projects.
- In addition to this, you should have 35 hours of project management education.
You may get the 35 hours of education. The PMP certification exam is of 4 hours duration and the pmp questions and answers can be practiced through PMP question bank that is available online and in downloadable form. The PMI institute conducts a computer-based test of 200 questions which you have to finish in 4 hours.
Ah!, as a shrewd project manager, you may want to know the PMP Salary hike after becoming a PMP. PMI institute conducted a salary survey across the world and there is a 20% increase for most project managers after certification.
PMI institute ensures that you are constantly in touch with the profession and keep your knowledge current. So you need to look at the PMP Renewal in a 3 year period.
Program Management Professional:
Are you a senior manager handling multiple related projects which are also called programs? Then, you may go in for Program Management Professional (PgMP). What are the requirements? As in PMP certification requirement, you need a Bachelor degree along with an experience of 6000 hours of project and program management.
Portfolio Management Professional:
Are you at the strategic level in your company coordinating multiple portfolios? Do you focus on the organizational strategy implementation? Then, this is for you! You should have a Bachelor degree along with an experience of 6000 hours of portfolio management.
On the other end of the spectrum is the CAPM- Certified Associate in Project Management for entry level professionals. For getting a CAPM Certificate you can enroll in a CAPM Training.
If you are in Business Analysis, you may go for the PMI-PBA-PMI Professional in Business Analysis.
If you are managing agile projects, you can look at PMI Agile Certified Practitioner (PMI-ACP). Even if you are in a niche area you too have a certification. Specialized certifications from the PMI institute are PMI Risk Management Professional (PMI-RMP) and PMI Scheduling Professional (PMI-SP).
Even if you are in a niche area you too have a certification. Specialized certifications from the PMI institute are PMI Risk Management Professional (PMI-RMP) and PMI Scheduling Professional (PMI-SP).
Standards & Practice Guides from PMI:
PMI institute gives standards which help you manage projects, programs, portfolio and organizational approach. You also have Practice standards that tell you how a tool, process or technique in the standard are to be applied. Added to these, the Guides give you additional information. The following table gives you the various standards, practice guides from PMI institute:
|Practice Standards & Framework
|Project Risk Management Practice Standard
|Standard for Program Management
|Practice Standard for Earned Value Management
|Governance of Portfolios, Programs, and Projects
|Standard for Portfolio Management
|Project Configuration Management
|Business Analysis Practice Guide
|Organizational Project Management Maturity Model OPM3
|Work Breakdown Structure Practice Standard
|Implementing Organizational Project Management, A Practice Guide
|Practice Standard for Scheduling
|Navigating Complexity, A Practice Guide
|Practice Standard for Project Estimating
|Managing Change Practice Guide
|Project Manager Competency Development
What more is available from PMI institute?
If you are a Project Management Institute member, you can download all the above standards, guides, etc. You also get a discount on the certification fee. On top of these, you can also access the webinars, case studies, and white papers.
Project Management Institute’s activities are driven by volunteers. You can register for the volunteer activity of your interest, it can be online or an activity you do physically. The good news is you can also earn Professional Development Units (PDUs) by volunteering. Moreover, you are also contributing to the profession. While these PDUs help you in PMP Renewal, they also help you in networking with other project management professionals.
When you become a member you can also opt for a chapter membership of the PMI institute close to your location. Chapters are PMI bodies localized to an area. These enable better interaction through chapter events, network meetings, and volunteering opportunities.
You also get Job Postings, Ethics in project management, Templates, tools, Awards, Research funding and a lot more from PMI institute.
In a nutshell, PMI institute is a one stop solution for many of the project management needs of individuals and organizations too. You can flaunt your global credentials, or showcase your expertise. Additionally, you can learn or earn by volunteering or become a consultant and offer services. There is a total of 450,000 Members and more than 280 Chapters globally.
Sunanda Gundavajhala, B.Tech, M.B.A, PMP has over 25 years of project management. She is a consultant, trainer on project management for different sectors and is the recipient of “Recognition of Excellence” award from PMI, USA and Woman Volunteer award from Hyderabad, India Chapter of PMI. Sunanda has contributed to the “Practice Standard on Scheduling, PMI”. She has worked as the Liaison officer for PMIEF (Education Foundation) for the Hyderabad, India Chapter of PMI.