Many project manager related courses talk about why it is not a pre-requisite for project managers to be trained in what the project is about but I respectfully disagree with it. Reason is quite simple. A project manager that is trained in the work that is going to be done is far more effective than one that is not.
Having managed projects that require interaction with a number of parties, it's quite common to see cases where the parties' own interest will be put above the project's interest. Therein lies the advantage of having a project manager that is trained in the project work. They are able to spot these discrepancies and remind the project team on the purpose of the project, and bring them back in line.
Imagine one who is not trained in the type of project work being done. It's quite likely that the project manager will rely on other parties to feedback on the project specific risks and I'm not sure how the project manager can also feedback on the reasonableness of the schedule.
However now with all the trend of being "productive", I hope that this point is not lost on the employers.
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