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The Project Management Institute (PMI) defines the Strategic & Business Management
skills area of the Talent Triangle as the core talents that project managers must possess in
order to effectively align projects with organisational strategies and deliver value to
stakeholders. Within the project management discipline, this skill area focuses on the
capacity to think strategically, comprehend the business context, and manage resources.
A project manager needs these talents for a several of reasons. Firstly, project managers
must grasp the organization's strategic objectives and goals in order to ensure that their
initiatives contribute to overall business success. Project managers can thereby contribute
to business growth, competitive advantage, and long-term sustainability.
Secondly, project managers that possess excellent strategic and business management
abilities are better able to recognise and control risks and uncertainties. They are able to
assess the corporate environment, foresee future difficulties, and take reasoned decisions
to reduce risks. This aids in assuring project success and providing stakeholders with value.
Additionally, these abilities help project managers efficiently manage project resources,
such as time, money, and human resources. They create business cases, comprehend the
financial ramifications of projects, and decide how best to allocate resources in order to
maximise project success.
Furthermore, project managers with business management and strategic skills can
encourage cooperation and forge close bonds with stakeholders. They are able to
effectively manage stakeholder involvement, align stakeholder expectations, and explain the
project's value proposition.
Overall, the Strategic & Business Management skills section of the Talent Triangle gives
project managers the tools they need to manage resources, minimise risks, and provide
value to stakeholders while also aligning projects with organisational strategy. Project
managers need these abilities to accomplish project goals and contribute to the success of
the organisation.
