Business acumen

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Business acumen, also known as business savviness, business sense and business understanding, is a combination of knowledge, skills, and experience that enables individuals to understand business situations, make sound decisions, and drive successful outcomes for an organization.^{[citation needed]} It is also defined as "keenness and quickness in understanding and dealing with a business situation (risks and opportunities) in a manner that is likely to lead to a good outcome".^[1] It involves having a "big picture" view of the business, financial literacy, strategic thinking, problem-solving, and effective communication.^{[citation needed]} The UK government considers business acumen to be a skill required by civil service staff with responsibilities in a contract management role.^[2]

Additionally, business acumen is viewed as having emerged as a vehicle for improving financial performance and leadership development.^[3] Consequently, several types of strategies have developed around improving business acumen.