PRJM1011IndividualAssignment4Pritesh Surve

1 ASSIGNMENT 1 STRATEGIC & BUSINESS MANAGEMENT SKILLS AREA OF THE TALENT TRIANGLE Pritesh Nandkumar Surve (200534881) Georgian College, Toronto Business Acumen for PM's (PRJM1011-23S-32550) Prof. Munira Mistry 21 st June, 2023
2 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.
3 Reference: PMI Talent Triangle | Project Management Inst. (n.d.). development-talent-triangle
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