3 Main Strategic And Business Management Skills For PMs
LAST UPDATED ON: 27TH AUGUST, 2019
Strategic and Business management skills involve the ability to see the high-level overview of the organisation and effectively negotiate and implement decisions and actions that support strategic alignment and innovations. This allows the Project Manager to understand the entire organisation and its needs. It then allows the Project manager to formulate policies that will allow the project to align with organisational goals.
Some of these activities include a working knowledge of other functions such as finance, marketing and operations. Strategic and business skills may also include developing and applying pertinent product and industry expertise. This knowledge is also known as domain knowledge.
The Project Manager should be knowledgeable enough about the business to be able to:
#1 BUSINESS ASPECTS
One of the strategic and business management skills a Project Manager needs is to understand how the project affects different aspects of a business. He should be able to educate the functional Manager on how his business activities will be impacted. This will allow the Project Manager to assist the functional manager in question with change management processes.
#2 PROJECT DELIVERY STRATEGY
The Project Manager as part of his strategic and business management skills need to collaborate with the Project Sponsor, team members and Subject Matter Experts to develop deliverable acceptance criteria for products and services of the project. He has to make sure that the developed tools are acceptable to end-users. This will ensure that deliverables are acceptable to end-users.
#3 BUSINESS VALUE
The Project Manager has to make sure that he implements that strategy in such a way that it will maximize the business value of the organisation. The Project Manager has to work with all stakeholders in order to get buy-in for the project. His main focus is to ensure that the project assists the organisation to achieve strategic goals.
In order to make the best decisions regarding the successful delivery of their projects, project managers should seek out and consider the expertise of the Operational Manager who runs the business in their organisation. These Managers should know the work performed in their organisation and how project plans affect that work.
The more the Project Manager is able to know about the subject matter, the better.
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