What is Business Acumen? Project Management in Under 5

The video explains business acumen as the ability to make sound decisions in a business context. It covers understanding how businesses operate, create value, and manage risks. The importance of business acumen in project management is highlighted, emphasizing the need for project managers to understand the business context of their projects. Professional development in strategic and business management is also discussed, with references to PMI and APM requirements.

What does business acumen primarily involve?

• Making good decisions in a business context

• Knowing how to cook

• Exercising regularly

• Understanding how to code

What is a key component of business acumen according to the video?

• Understanding the latest fashion trends

• Knowing how to make good business decisions

• Being able to sing well

• Having a large social media following

Which of the following is crucial for understanding value chains?

• Understanding how your business makes money

• Knowing your competitors' favorite color

• Knowing the weather forecast

• Understanding the history of your city

What should you understand about your organization to effectively navigate its dynamics?

• The brand of coffee in the break room

• The color of the office walls

• The structure and politics within the organization

• The favorite food of your manager

Why is business acumen important for project managers?

• To understand the business context of their projects

• To become better at sports

• To improve their cooking skills

• To learn a new language

What is one of the expectations set by PMI for project managers?

• To write a novel

• To become a professional athlete

• To understand strategic and business management

• To learn how to dance

What does the PMI Talent Triangle include?

• Cooking and Baking

• Travel and Tourism

• Strategic and Business Management

• Art and Design