Choosing an MBA Concentration: Project Management vs. Operations Management
For those seeking a profession that can add value to almost any organization, project management and operations management offer great options. Some may think the roles of project manager and operations manager are interchangeable. While both are vital to almost every business and similar in many ways, their primary function and goals differ.
What is Operations Management?
An operations manager is a crucial member of a business leadership team. They ensure the production of goods and services runs as efficiently as possible at the company or department level, increasing revenue by eliminating waste. The scope of their expertise can be vast, and they must keep overarching business goals in mind as they work toward their objectives. In many industries, operations managers need a global perspective to help their organization succeed.
In general, operations managers:
- Oversee big picture daily processes
- Identify efficiency issues and opportunities at the organizational level
- Budget and plan to maximize profit
- Guarantee quality and reduce waste
- Develop strategies that properly use resources and improve operational output
- Ensure that processes and procedures keep customers satisfied
- Monitor global trends and supply chain issues and opportunities
You should study operations management if you're interested in learning how to make organizations more efficient and how goods and services are produced.
At Ohio University, our operations and supply chain management MBA concentration includes the following courses:
- Management of Lean Six Sigma Programs
- Supply Chain Risk Management
- Supply Chain Project Management
You will graduate understanding the complexity and interdependence of functions within an organization and the global supply network.
What is Project Management?
When it comes to planning and executing projects, businesses need project managers. Project managers ensure individual projects can be completed within budget and time constraints. They review the scope of a project, build timelines, allocate resources and ensure that possible risks are accounted for in the timeline.
Many projects that project managers lead are huge and complex. Initiatives led by project managers can be vitally important to people's lives and provide value to our communities. The Project Management Institute (PMI) stated, "The development of software for an improved business process, the construction of a building, the relief effort after a natural disaster, the expansion of sales into a new geographic market—these are all examples of projects.”
A great deal of understanding and coordination goes into project management. Project managers must work with multiple stakeholders and departments to ensure efficiency and success. According to the Project Management Body of Knowledge (PMBOK®), project management knowledge areas include:
- Integration management: Bring together individual processes into one project with defined goals.
- Cost management: Continuously evaluate costs to keep projects on a budget. Address financial challenges as they arise.
- Resource management: Effectively manage resources to fit within the bandwidth of teams, identify strengths and weaknesses as well as knowledge gaps.
- Risk management: Identify major project risks and create plans to address them.
- Scope management: Define, validate and control the scope to remain on task.
- Schedule management: Make sure all workers have the correct deadlines and amount of time to complete their portion of the project.
- Communication management: Ensure everyone is informed on changes, updates and issues at the right time.
- Procurement management: Hire contractors or vendors to handle tasks that can't be managed by an in-house team.
- Stakeholder management: Clearly identify who is involved in the project and what information they need.
- Quality management: Understand the expectations of stakeholders and create reasonable agreements and quality control measures.
You should study project management if you want to lead projects and coordinate resources to optimize time and budget. Many project managers pursue PMP licensure, so specific coursework in the field will help ready you for that exam.
At Ohio University, our project management MBA concentration includes the following courses:
- Project Management I
- Project Management II
- Change and Risk Management
The MBA project management concentration focuses on the Project Management Body of Knowledge (PMBOK®) as identified by the Project Management Institute (PMI), so you’ll graduate ready to lead and manage complex projects.
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Specialty Differences: Project Management vs. Operations Management
The primary difference between the two roles is the scope of their efforts. While project managers focus on clearly defined projects and outputs with a start and end date, operations managers focus on long-term efforts with ongoing results. Operations managers are usually part of a company's leadership team and strive to meet overall company goals with their work. Project managers' duties often depend on the scope of the project and may change as projects start and end, but their contributions to organizations are equally impactful.
Both careers offer a wide range of career opportunities and require many of the skills that our online MBA program will cover:
- Interpretation: Students will be able to make judgments and draw appropriate conclusions based on the analysis of information.
- Synthesis: Students will be able to evaluate evidence to develop a comprehensive analysis of information.
- Decision-Making: Students will be able to create recommendations or decisions using evidence.
- Functional Knowledge: Students will be able to explain the knowledge of accounting, finance, human resources & management, marketing, operations & production and strategy.
- Teamwork: Students will be able to work effectively in teams by cultivating a constructive team climate.
- Collaboration: Students will be able to collaborate with others to formulate business ideas, strategies, solutions or decisions.
Graduates of our MBA programs with either concentration apply their skills to corporations, non-profits, government entities and more.
Career Outlook: Project Manager vs. Operations Manager
Careers in project management and operations management offer competitive salaries and growth. As of 2022, senior project managers made an average salary of $110,548. Operations managers can expect an average yearly salary of $110,004.
Those are not the only job titles that graduates with both concentrations can pursue. Other high-growth careers according to the BLS include:
- Operations Research Analysts: Employment is expected to grow 23% between 2021 and 2031.
- Project Management Specialists: Employment is expected to grow 7% between 2021 and 2031.
- Top Executive: Employment is expected to grow 6% between 2021 and 2031.
No matter the industry and title you choose, you can expect to earn a good salary with a degree in project management or operations management.
Prepare for Your Career with an OHIO MBA
OHIO developed the online MBA concentrations with career-ready skills in mind. In a 2021 exit survey of recent OHIO online MBA graduates, 92% said the program prepared them for lifetime career opportunities.
In our online and hybrid MBA with a project management concentration, you'll learn to manage risk, create timelines, prepare for change and work cross-functionally with diverse teams. With an operations and supply chain management concentration, you'll understand how to continuously improve quality levels, decrease costs, be a global thinker and reduce risks in an organization.
No matter the MBA concentration you choose, show recruiters and hiring managers that you are ready for advanced leadership positions with an Online MBA.
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