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"As a PMP you would be reporting to a project manager."

Sorry but I've been PMP-certified since 2003. I've been a project manager long before and have been ever since.

"Project managers don't have time to track every phase, task, event and milestone of a project."

That might be true on big projects. On small projects, I rarely have a project administrator to do this for me. The same principle applies, a project manager should know how to administer a project.