First of all, I want to talk about the PMI triangle. It consists of three skill sets. These are Technical project management, Leadership, Strategic, and business management.

Strategic and business management is a very important skill. It includes the ability to see a high-level overview of the organization. It also includes knowledge in finance, marketing, and operations. A project manager should have this skill to do the following things. 

1. Explaining the essential business aspect of the project.

2. Work with the project sponsor, team, and subject to develop an appropriate project delivery strategy
3. Implement that strategy in a way that maximizes the business value of the project.

In addition, A project manager utilizes this skill to determine which business factor should be considered for the project. 

Ultimately, a project manager can make appropriate decisions for the project by using this skill. 

Therefore, the level of importance for strategic, and business management should be equal to technical and project management skills.

@torikul Yes, the strategic and business management skills are very important for project managers since they enable effective decision-making, value creation, and project success. While technical and project management skills are essential, the level of importance attached to strategic and business management skills should be equal to that also. A well-rounded project manager should possesses a combination of technical expertise, PM proficiency, and strategic business to be best equipped to lead and deliver successful projects in today's dynamic and competitive business environment.
 

A PM needs to understand the goals, optimize resource allocation, mitigate risks, engage stakeholders, make informed decisions, and foster innovation, to deliver successful outcomes and contribute to the strategic success of their organizations.

The importance of strategic and business management proficiency in a project manager's skill set should not be undervalued. Having an understanding of the business context is important when working in the medical device industry. Project managers are able to make better informed decisions during the product development process. For example in this week’s simulation, management stressed the importance of timely milestone completion in maintaining the external partnership. Thus, the team was to develop testing methods that align with the given timeline. In this case, the project manager may work with the team to guide them to relevant testing strategies. There is a need to balance the prioritization of business value and proper testing experimentation.

Strategic and business management skills are increasingly vital for project managers in navigating complex project landscapes and aligning project goals with broader organizational strategies. These skills empower project managers to transcend traditional project boundaries, allowing them to contribute more meaningfully to their organization's competitive advantage. A project manager proficient in strategic and business management is adept at interpreting market trends, understanding financial implications, and leveraging business insights to make informed decisions that enhance project outcomes and organizational objectives.

For example, consider a project manager leading a large-scale renewable energy project. Beyond just managing the technical aspects of the project, they must also understand the economic landscape, including subsidies, regulatory changes, and market demand. This holistic understanding enables the project manager to steer the project in a direction that not only meets technical specifications but also aligns with the strategic business objectives of reducing costs and maximizing ROI. By integrating strategic and business management skills, project managers ensure that their projects are not only completed on time and within budget but also drive broader business goals and adapt to the evolving business environment.

I definitely agree. Having a good grasp on business and strategy can also allow project managers to know which areas to prioritize. For example, if they know a competitor medical device company will also be laucnhing a similar product, they can try to move the project faster. Understanding business can also help internally within a company. Each project competes for resources, such as money, employees' time, lab equipment, and more. Understanding other projects can help make sure the scopes don't overlap. A small example is that making sure timelines are clear so that lab equipment isn't being utilized for a build by a different project.

Having a good strategy entails being able to forsee difficulties in regulations or within the company (FDA enforcing stricter rules, or the company partnering with another company).

Strategic and business management are very important skills because they help project managers ensure their projects are aligned with the greater goals of the company. It's not just about getting work done on time, but making sure the project is bringing value to the company.