2

Possessing Business Acumen as a 21st Century Project

Management Professional

Introduction of Speaker

Cecily Austin

Project Management Professional

Project Management Institute®

Graduate of the United States Naval Academy, General Engineering

Masters in Education - Organizational Improvement Process; Old Dominion and Capella

United States Naval Supply Officer, Retired

Owner and CEO – Tip Top Mentoring & Tutoring Services, LLC

Program Manager – Department of Health & Human Services, Centers for Medicare &

Medicaid Services, Office of Information Technology

3

Refining Your Business Acumen

as a 21st Century Project Management Professional

4

I. Introduction of Speaker

II. Topics

III. Business Acumen: Understanding How an Organization Makes Money

IV. Business Acumen: Understanding How My Customers Make Money

V. Business Acumen: Understanding How “My Organization Makes Money

VI. Leadership and Business Acumen in Project Management

VII. Project Management Professional (PMP) Competencies

VIII. Let’s Talk About Leadership

IX. Video: Leadership in the 21st Century

X. What is Business Acumen?

XI. Demonstration of Business Acumen

XII. Business Acumen throughout the Project Management Lifecycle

XIII. Developing Strong Business Acumen

XIV. Strategies to Develop Strong Business Acumen

XV. What Does Successful Business Acumen Look Like?

XVI. Do You Have Business Acumen?

XVII. PMs Prepare to Strengthen Their Business Acumen

XVIII.Compilation

XIX. References

Understanding How an Organization Makes Money

5

Understanding How My Customers Make Money

6

Understand How “My Organization Makes Money

7

Leadership and Business Acumen in Project Management

8

Project Management Professional (PMP) Competencies

1. Technical

2. Strategic & Business

3. General Education

4.

9

Leadership

Let’s Talk About Leadership

10

11

Let’s Talk About Leadership

12

Let’s Talk About Leadership

13

Let’s Talk About Leadership

14

Let’s Talk About Leadership

15

Let’s Talk About Leadership

16

Let’s Talk About Leadership

17

Let’s Talk About Leadership

18

Let’s Talk About Leadership

19

Let’s Talk About Leadership

20

Let’s Talk About Leadership

Video - Leadership in the 21st Century PMO?

21

What is Business Acumen?

Business acumen is keenness and quickness (risks and

opportunities) in understanding and dealing with a "business

situation" in a manner that is likely to lead to a good outcome.[1]

Additionally, business acumen has emerged as a vehicle for

improving financial performance and .[2]

1. Reilly, Dr. Raymond R and Reilly, Dr. Gregory P. "Building Business Acumen", HR West, December 2009.

2. Summerfield, Brian. "A Crisis in Leadership" Archived June 23, 2009, at the Wayback Machine, Chief Learning Officer Magazine, April 2008.

22

leadership

Demonstration of Business Acumen throughout the

Project Management Lifecycle

23

Business Acumen throughout the

Project Management Lifecycle

24

Project Managers need to…

Promote the value of project management – It’s not just

overhead

Explain how your projects deliver value to the Business

Display Business Acumen

Build Business Value into Project Schedules

Don’t Limit the Definition of Value to Money

Developing Strong Business Acumen

25

Developing Strong Business Acumen

26

Possesses “Executive Mentality”

Strategies to Develop Strong Business Acumen

Ask The Customer (Stakeholder) What They Want

27

Strategies to Develop Strong Business Acumen

Expands Horizons With New Assignments

28

Strategies to Develop Strong Business Acumen

Reads The Business Press

29

What Does Successful Business Acumen Look Like

30

Do You Have Business Acumen?

31

PMs Prepare to Strengthen Their Business Acumen

32

Compilation

33

At its core, business acumen is the ability to combine

experience, knowledge, perspective, and awareness to

make sound business decisions. The development of this

ability leads to better judgment and allows you to view

organizational needs in a holistic, long-term way.

References

34

Hill, G. (2004). Evolving the project management office: A competency

continuum. Information Systems Management. Taylor & Frances.

Knutson, J. (2002). Project management for business professionals: a

comprehensive guide. Books.google.com

Perry, M. (2009). Business driven PMO setup: Practical insights, and case

examples for ensuring success.

35