Tuesday, December 6, 2016

Neuroscience is pushing the boundaries of business. Did you know that this has actually created new fields? Before we go there, let's get on the same page. Neuroscience is the study of the brain. While psychology is the study of the mind. With today's technology, it is possible to see the brains pathways as we do different things and the way we think about it. In other words, we can link the brain to the mind. Almost sounds like science fiction, but it is not.

Because we are learning more about the brain and how the mind works within the brain there are several progressive business areas that are creating fields combining the brain with business. There is neuroeconomics, neuroaccounting, neuromarketing, neuroethics, etc. But by far the two that are most interesting to me are neurogovernance and neuroleadership. To further understand these linkages between business and the brain click on nueroleadership to go to the article with descriptions.

Governance and leadership are two fields that are integral to project management and more specifically to portfolio management. The C-suite continues to be frustrated by the inability of its employees to implement the company's strategy. There are some within the C-suite that attribute this to employees not having the correct skills or just being inept. Others blame it on the lack of leadership from senior management.

As a professor who teaches leadership, I am constantly baffled as to why those in academic research cannot agree on a comprehensive definition of leadership or the various theories of leadership. There is Machiavellian (rejected by most), transformational, transactional, servant, etc.

If there was a better understanding of how the brain works with governance and leadership the effectiveness of portfolio management would increase. The Portfolio Manager would have a better understanding of how the brain works in this field. This would enhance the portfolio managers ability to create information that would be understood by the C-suite, program and project managers and team members. Today, the portfolio manager needs to move beyond charts and roadmaps and create something the brain truly understands.

The Project Management Institute (PMI) should take heed on the linkage between neuroscience and business. Maybe some research should be funded by PMI in this field.

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