Project Management

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PMP is good, but not enough at all?

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Peter Halasi PM Consultant| Enabling Excellence Bonstetten, Schweiz, Switzerland
Thrown into this distinguished public.

To what extent does a good project manager need to have subject matter expertise in the project topic to be managed? In other words PMs with strong SME knowledge are able to run projects successfully? I am thinking projects within the same sector, e.g banking.
Project managers with 5+ years regulatory reporting expertise. Business analysts good to have the SME expertise, I agree, but PMs as well?
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