PMI 2022 - The Evolution of the Talent Triangle
Projects have allowed us to execute and solve business activities through processes and tasks. Over the years the mechanics of how we manage projects have changed, adapting to contemporary trends, societal needs, and the environment.
The PMI (Project Management Institute) promotes networking and empowers people to make their ideas a reality, that is "project economy". Among its main objectives we also find proposals for professional standards in project management.
A few weeks ago, the PM Institute updated its Talent Triangle. A triangle that encompasses the necessary skills that every project manager should acquire along with the smartest ways of working.
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The talent triangle
In its early days, PMI identified three basic elements that comprised the workings of a project and the activities surrounding it. Scope, time, and cost. These three concepts linked together will tell us if the project has been a success. If we complete the scope of the project and we, do it in the established time/schedule, with the agreed budget costs, we will know that our project has succeeded.
Thus, the talent triangle or triple constraint was born.
Over the years, the idea has evolved and adapted to many changes. Like everything else, the way we manage projects is constantly changing. So now, projects require us to be more agile, purposeful and collaborative.
"In our changing world, project professionals must be more agile and resourceful than ever to keep pace and generate impact." PMI
The talent triangle represents, under PMI's criteria, the skills and characteristics that project managers must hone and work on to achieve project success in an agile and smart way.
This year, PMI has announced changes to the triangle. Changes that improve the organization of a project and represent the best practices of a good project manager.
Why has the talent triangle changed?
The last few years have been years of transformation. We have been caught up in a global pandemic, we are living through the technological revolution, and societies are no longer the way they used to be. We live in a much more connected and technological world than before, so the needs of projects are changing.
The PMI has identified in recent months new aspects and skills that have been established in project management. Therefore, they reconstruct the content of the triangle merging basic concepts of project management.
Change of key formula
In the previous talent triangle, PMI identified three variables: Leadership, Technical project management and Strategic and business management. Now, they present new ones and are differentiated into:
Leadership - becomes - Power skills
Technical project management - becomes - Ways of working
Strategic and business management - becomes - Business acumen
Now, let us look at the suggested changes in the new talent triangle:
Ways of working: as the name says, the way we work is constantly changing and everyone adapts his or her preferred habits. But the more ways of working you master, the better your results will be. Whether you are agile, creative, predictive... incorporate as many ways as possible, and only then will you be able to apply the appropriate technique at any given moment.
Powerful skills: competencies make the difference between project managers. The most necessary characteristics revolve around the skill sets of leadership (previous variable), communication, innovation... Ensuring the integration of these skills in all team members is undoubtedly the component of success in achieving the objectives of a project.
Business acumen: having business acumen is also an important characteristic for a project manager. Understanding global trends and influences will allow aligning the project with organizational strategies and making effective and faster decisions.
Juan Antonio Castro, coordinator of project management programs at La Salle Campus Barcelona, observes the change of the triangle with grand expectations. For him, the talent triangle defines these three sections as part of a toolbox that accompanies us in project management, allowing us to identify the guidelines for the growth of our team. For organizations, this growth means having a projected structure, rethinking their business model to maintain their competitiveness and efficiency, and strengthening the skills of their collaborators.
To develop a project plan, it is necessary to learn the most significant concepts of management. Having an innovative mindset, interpersonal and leadership skills will help you become a project management professional. Discover the latest trends and skills needed to become a project management professional with the Full Time Master's Degree in Project Management at La Salle Campus Barcelona. In addition, you can specialize in agile methods and people management among others and prepare for PMP (Project Manager Professional) certification from PMI.