MBA or Master of Business Administration is a widely accepted post graduate programme that gives potentially skilled management a wide range of business skills including the key areas of marketing and finance. It was a widely accepted qualification for those high fliers who were are the corporate ladder and wish to proceed to the highest level. It is and was designed to place pressure on the student, and allowed little time to relax, with deadlines and targets key areas of consideration when completing assignments and tasks.
The project management MBA gives the student the same basic skills as in the standard course, but it has key areas of focus which are highlighted as important and specific to Project Management
1. Project management deals with the the control and completion of a whole contract. For example; The construction industry, requires that the project managers oversee the whole of the project and are therefore responsible for everything that happens on sight. Selection and control of sub-contractors are part of this responsibility, and the Project MBA might cover in more detail the laws and conditions governing the use of sub-contractors, their selection, and the monitoring/quality controls necessary. Areas specific to the Project Management MBA need to focus on aspects where the Project is the whole responsibility of the Project Managers, and as such require skills which are sufficiently detailed in sub-contract negotiation and participation.
2. Project Managers need to be skilled negotiators. They have a responsibility to achieve the best possible price, with the highest possible quality when acting on behalf of a third party client. As the client representatives, there is always need to negotiate changes in completion dates, and costs which are satisfactorily agreed by the both the contractors and the client. Mediation skills are often required as issues arise that are not accpetable to many different parties.
3. When Project Management are responsible for their own projects, they need to ensure that the completed project has both marketability, and profitability. The MBA will have a high level of economics as a core ingredient, and will give the student marketing research skills which ensure the viability of the project on completion.
4. There is a need for much face to face contact with various organisations and institutions. These will incude everything from other companies to councils and government organisations.The ethos and style is extremely varied, forcing the Project Manager to have the ability to communicate at all levels. The Project manger MBA will assist the Project manager to talk at all levels, and indeed function effectively at all levels. This might vary from the labourer on site to the CEO of a suppy organisation.
The project mangement MBA is an MBA that carries all the key content of a standard MBO but emphasises certain areas where Project Management needs specific skills to function effectively.