How to improve your project business skills?
Let us look at the projects that are run and managed as profit centers. Multiple organizations may work together for one single business goal. This will be a short write up on the discussion with Oliver Lehmann and Martin Barneburg of www.project-business.org.
Internal projects are cost centers inside the organization. Whereas profit generated for a paying customer, falls under a profit center for project business management. Usually project business deals with two groups – Team that run the profit center and the other being the customer side. Throw in suppliers, contractors, buyers and sellers who all come into the mix in a project business setup.
What is a project business study book?
A one stop for all project managers to know, learn and implement the project business management processes and approaches. The book provides all the data and information to practitioners.
Who is a buyer?
The individual or the company who undertakes a project and prepares to pay for the services.
Who is the seller?
The group of companies, multiple roles come in here, like a contractor, a sub-contractor, a team who is providing certain service, it can be an individual or multiple teams, it tends to get complex, with many connections, for a complete project delivery. Even there could a freelancer who is providing certain kind of support. Various roles are involved – corporate management, legal departments, sales departments, project sponsors, who authorize a project manager to execute a project and are responsible for its outcome. Business project management office (PMO)s’ are also involved in various companies. Different time zones, culture all contribute towards it.
What level of legal knowledge and business management ability, a project manager must have?
A project manager (PM) has to take multiple levels of decisions, he/she needs to know how to navigate safely through the above touch points and deliver. Not to get too deep; however, must be aware of these dependencies. Remember, the contract is the law that should guide a PM.
PM must know the contract in and out. Project Business Management is all about managing each of the interfaces that the project touches. Different companies should work together and act like a partner towards a common business goal.
What is the difference between PBM and PMP?
Project Business Management (PBM) is a specifically focused discipline that helps different sections work together for a planned delivery, and Project Management Professional (PMP), is a certification that a project manager can acquire. PBM and Project Management Institute (PMI) interact very closely.
A PM must be aware of the legal systems, offer and acceptance, legal warranty. This will help the project from getting involved into any kind of risks. PBM document is a living document and gets updated with all the necessary changes.
How PBM impacts commercial aspects?
As a contractor PM, all the authorizations should be in place. Need to have the business acumen. Must be aware of supply chain knowledge. Must have trust, and be selective in picking the correct people.
Who manages the interpersonal skills?
The PM managing the various relationships; however, must have the support of the leadership, so that what he/she commits, must be supported by the trusted team. Stakeholder management completely depends on these factors.
Remember, what TRUST as they say – Tremendous results using simple techniques. As a side note, you can visit, the website highlights at pmworldjournal.com
Can we look at Project Business Book of Knowledge (PBBoK), like a Project Management Book of Knowledge (PMBoK)? Yes, perhaps yes, when it comes out. PMs’ can refer it to learn and mature with case studies, processes, and policies, everything that one wanted to know about PBM .
Any tips for active project managers?
Stay close to project business foundation. Go through the study books, interviews, to learn what needs to be done. Stay connected to www.project-business.org.
Always focus as a PM, continuously build your own skills, agile methods, creating work breakdown structures (WBS) to break down the activities to the last detail, must have the business knowledge, choosing the correct decisions, the leadership must have the trust on you for supporting the profit centers. Learn to contribute towards being as an expert.
To sum up, who is a good PM? A good PM, does not look for excuses, they get the job done.