Sunday, October 11, 2020

What Executives Need to Know About Project Management

The Role of Executives in Projects
I work exclusively with executives and when there is one thing that I have learned over the years is that effective executives have at least a basic understanding about project management and their roles in it. 

When you look in a dictionary for the word "executive" you will find an entry similar to the one below. 

noun - a person with senior managerial responsibility in a business.

“a C-level executive”

adjective - relating to or having the power to put plans or actions into effect.

"an executive chairman"

An executive directs, plans, and coordinates operational activities for their organization and are normally responsible for devising policies and strategies to meet the organization's goals.

Executives hold executive powers delegated to them with and by authority of a board of directors and/or the shareholders. 

Generally, higher levels of responsibility exist, such as a board of directors and those who own the company (shareholders), but they focus on managing the senior or executive management instead of on the day-to-day activities of the business. 

The executive management typically consists of the heads of a firm's product and/or geographic units and of functional executives such as the Chief Financial Officer (CFO), the Chief Operating Officer (COO), Chief Information Officer (CIO), and of course the Chief Executive Officer (CEO). 

Almost all organizations use projects to implement their strategy and drive change. So projects are an important tool for executives to do their job. 

And in the organization's most important projects and programs it are executives that have the following roles and/or responsibilities.

Project support is priceless. Engaged executives help organizations to bridge the communications gap between influencers and implementers, thereby increasing collaboration and support, boosting project success rates, and reducing collective risk.

In a nutshell: In order to be an effective executive you should have a basic understanding about how project and project portfolio management works. You should also understand how to be a great Project Sponsor, Project Champion and/or Steering Committee Member.
Posted on Sunday, October 11, 2020 by Henrico Dolfing