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The official definition of risk from the project management institute is an uncertain event or condition that if it occurs has a positive or negative effect on a project s objectives but for most.
Business acumen risk management. Decisiveness and quick judgment. In 2002 after ten years as an executive with franklincovey consulting with and teaching for dozens of organizational clients i founded my own training and consulting firm. Agility in failing fast cutting losses and moving on.
In other words business acumen is a crucial skill for every person and organization to have. We have to make clear that business acumen is not a single skill but a wide complex of competencies knowledge and awareness of multiple aspects of a business. Awareness of the implications of risk and choice.
The term business acumen comes up in almost all kinds of professional and corporate interviews irrespective of the job position or the opening. If business acumen isn t one of your company s core competencies already make it one of your personal core competencies and then become a champion for adding it to your company s list. Make business acumen one of your core competencies.
Acumen risk is incredibly powerful analysing thousands of activities in seconds while accounting for scope uncertainty work complexity risk events weather events and opportunities. The term business acumen may be just two words but it encompasses a lot. Most companies have a specific set of core competencies they want employees to focus on developing.
Written by robert brodo. Additionally business acumen has emerged as a vehicle for improving financial performance and leadership development. Business acumen also known as a business savvy and business sense is an ability that allows you to understand and cope with different business situations.
Business acumen is keen fundamental street smart insight into how your business operates and how it makes money and sustains profitable growth now and in the future. Go to business operations management ch 4. Get access risk free for 30 days.
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