There is a clear demarcation between the both. Project management is basically preparing a student for the project industry whereas advanced construction management is related to construction projects. 

• At NICMAR, the first year of both the courses are the same as any other general management.
• But from next year you get the projects according to your subjects like PEM students get the project industry experience in the oil or gas industry whereas ACM students get exposure to the construction projects.
• For both the courses there is a perfect mix of faculty internally as well as some renowned professionals from outside, so that students can learn every aspect of their course.
• Considering the profile, it totally depends upon your interest but mostly it has been seen that the civil engineers opt for ACM while mechanical or electrical engineers opt for PEM.
• Though it is not mandatory, it totally depends upon the choice of an individual.

Lastly, we can say that there is a clear difference between the two courses, so search for the same before taking admission in any of the fields.