Traditional project management values and wisdom leave project managers behind in the ever-progressive world of digital transformation. The role has evolved over the past three decades. Changing global trends, access to agile resources, and growing project complexities have forced managers to refine their skills. In this article at Project Times, Yasar Ajlouni outlines the importance of business acumen for project managers.
Adapt to New Developments
As a project manager, you have embraced agile methodologies, governance benchmarks, and advanced technologies. Your constant efforts have fueled your team’s productivity. However, these new norms do not guarantee the progress of your projects and their impact on company revenue. Business acumen is a missing element that can ensure that your project generates revenue.
What’s the Need?
According to the 2015 PMI talent triangle, leadership, technical project management, and business knowledge are the crucial skills for project managers. Nonetheless, you must have the business sense to evaluate and form a technical team, be ready to embark on profitable projects. Many organizations hire third-party consultants or strategic leaders to prepare such plans. Outsourced projects have a client and a dedicated team to fulfill the necessary project requirements within a specific budget. In comparison, the internal projects team requires business acumen to boost profit.
Beat Budget Barriers
Enhancing business knowledge cannot enhance business acumen. Managers must acquire a deeper understanding to apply their wisdom to achieve anticipated results. The return of investment describes your business acumen as a project manager. It is a test of your dedication to developing a project within budget, time, and available resources. Keep re-evaluating your strategies to increase the ROI. Most small and medium organizations are reluctant to pay for the financial training of their project managers. If you calculate the additional costs of hiring an experienced project manager with excellent financial understanding, you may realize the need to bridge the internal knowledge gap. So, help your staff scale by nurturing their business acumen through frequent on-the-job training.
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