Building Your Own Business Acumen
There is an important element to business management skills (one of the sides of The PMI Talent Triangle®) known as business acumen. The concept of business acumen represents the ability to act in a given business situation to achieve a positive outcome. Depending on the situation, you may need to draw upon financial, business process, communications, legal, risk or operational knowledge.
you must also be mindful of organizational goals so that your actions are consistent. Oh, and don’t forget the objectives and fears of the stakeholders involved. Apply the millions of combinations of those to solving a problem—or making a breakthrough, or achieving a consensus…all while completing a project.
Sounds like a high mountain to climb, doesn’t it?
Yes, it is daunting, but certainly worth your effort over time. Business acumen is a key success factor for high-performing project managers, program managers and just leaders in general. The question is then, how do you get the knowledge and build the skill? The following three tactics will get you started, even if you do not have the benefit of years of experience in your industry:
Tactic 1: Research line-of-business information for background.
New to the business? Most organizations now have internal web pages where various lines of business describe their products and services. These are a
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