- What is a Project Sponsor?
- Should You Have a Project Sponsor?
- The Difference Between Project Sponsor and Project Stakeholder
- The Responsibility of Project Sponsor
- 1. Make sure that the project has strategic value
- 2. Fund the project and give approval when needed
- 3. Encourage support from key stakeholders
- 4. Facilitate extensive authority for the project manager
- 5. Resolve disagreements when conflicts arise
- 6. Be friendly and open-to-contact
- 7. Encourage review meetings
- 8. Support post-project review
- 9. Give recognition
- FoxPlan: Work Effectively with Your Project Sponsor
It is essential for every project to have at least one sponsor, a businessperson who will advocate for the project’s success and remove obstacles that could risk its success. But what is a project sponsor? Should your project have a sponsor? What is the responsibility of a project sponsor? In this article, we are going to uncover everything you need to know about a project sponsor when managing a project.
What is a Project Sponsor? #
Project sponsor is an individual or people that are usually part of senior management with influence and power. Sponsors of projects frequently go by a variety of titles, including brand sponsor, project leader, account manager, and business unit manager.
Should You Have a Project Sponsor? #
Either you are running a small, medium or even big project on an enterprise scale, it’s better to have a project sponsor on your team. But you need to understand that in real life, there are many small projects that don’t have project sponsors. And some might have a project sponsor, but they don’t really define the responsibility of the role.
If you are running a project but don’t have a project sponsor or define their roles in the project, this is the time to change that! You, in your position as project manager, might make attempts to develop that role with a potential senior manager. If the responsibilities associated with your project’s assigned project sponsor are unclear, it is in your best interest as well as the project’s best interest to establish and document a suggested set of responsibilities and discuss them with the sponsor.
When your project has no visible sponsors or a weak sponsor, obtaining the backing of senior management will be exceedingly difficult.
The Difference Between Project Sponsor and Project Stakeholder #
Sponsors and stakeholders have quite diverse roles in a project, despite the fact that the phrases sound fairly similar.
- Project Stakeholder is any person who has an influence on the project, regardless of whether they are personally interested in the development or not. Examples of stakeholders include investors, peers, consumers, and superiors.
- Project Sponsor is typically a member of the organization as well as a person who is ultimately responsible for the project’s success. They are in charge of defining and ensuring the project’s success, which means they are ultimately responsible for its entire success. It is common for a sponsor to serve as an advisor to the project manager, depending on the nature of the project.
Project Sponsor is also part of project stakeholder, however not every project stakeholder is a project sponsor,
The Responsibility of Project Sponsor #
1. Make sure that the project has strategic value #
The project sponsor supports and supports the project as a good use of the organization’s resources that helps the organization reach its strategic goals.
2. Fund the project and give approval when needed #
Organizations have more chances to do good things than they have money or people to do. The project’s sponsor tries to get the project approved and then funded.
3. Encourage support from key stakeholders #
The project sponsor ensures that a productive working relationship is maintained with all of the project’s important stakeholders, including the client, the project manager, and senior project participants from other organizations and enterprises, both internal and external.
4. Facilitate extensive authority for the project manager #
The most effective project sponsors avoid micromanagement. Instead, the project manager has a considerable deal of freedom to encourage best practices in project planning and management and to make day-to-day decisions. The project sponsor must be involved in decisions on the scope, schedule, and costs that effect adjustments to external commitments.
5. Resolve disagreements when conflicts arise #
The project sponsor handles disputes that require the participation of senior management, such as money, priorities, external obligations, cross-organizational boundaries, and clients. The project sponsor endeavors to shield the project team from political affairs. The timely resolution of difficulties is crucial.
6. Be friendly and open-to-contact #
The project sponsor should be easily reachable by the project manager and any other stakeholders. The project sponsor must be regarded as a stakeholder who is always ready to listen and get engaged as necessary, serving as a source of advice and offering guidance and direction.
7. Encourage review meetings #
The project sponsor authorizes the necessity and frequently of review meetings to determine the project’s health. Then, actions are suggested to immediately resolve any identified serious concerns.
8. Support post-project review #
The project sponsor encourages the introduction of reviews at project completion or after a key project phase. A post-project evaluation identifies what went well, what went wrong, and where future initiatives might be improved. The purpose is to gain insight from past projects so that future projects might profit.
9. Give recognition #
The project sponsor promotes timely acknowledgement of significant individual and team accomplishments.
FoxPlan: Work Effectively with Your Project Sponsor #
The role of a project sponsor is crucial to the success of a project. They stand in for the organization. Taking into account the project’s vision, objectives, budget, and major drivers, they guarantee that it aligns with the business’s objectives. And to help them and your project to run smoothly, FoxPlan provides all the help needed.
When given the access, your project sponsor can log in to FoxPlan and check the current project’s status. They will have all the visibility on a portfolio level. From budget management, resource allocation, task assignment and also have the integration with other popular software that your company might already use.
Work effectively together with your project sponsor with FoxPlan for Free today or contact our representative to experience FoxPlan in action!