Project Sponsorship
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Project Sponsorship relates to and differs from Project Management, as well as defines the role of sponsor by linking it strongly with principals such us leadership, risk-taking and strategy planning. | Project Sponsorship relates to and differs from Project Management, as well as defines the role of sponsor by linking it strongly with principals such us leadership, risk-taking and strategy planning. | ||
| − | A Project Sponsor could be a range of providers and entities supporting the goals and objectives of an individual or company<ref name="Investopedia_website"> | + | A Project Sponsor could be a range of providers and entities supporting the goals and objectives of an individual or company<ref name="Investopedia_website">https://www.investopedia.com/terms/s/sponsor.asp/ Investopedia website</ref>. In Engineering projects, sponsor is the most influential individual (or the mentor) who would be involved and therefore would contribute technically or strategically in them. |
Project Sponsorship is based primarily on exchange theory<ref name="Margaret johnson">Margaret A. Johnston. The sum of all fears:Stakeholders responses to sponsorship alliance risk; The University of Queensland, St Lucia, QLD 4072, Australia; 2015</ref> between sponsors and project owners. Hence, uncertainty about the true worth of a sponsorship deal and its potential to deliver on the desired objectives and vice versa can underlie risks between both sites. Thus, Project sponsorship is also strongly connected with risk identification. | Project Sponsorship is based primarily on exchange theory<ref name="Margaret johnson">Margaret A. Johnston. The sum of all fears:Stakeholders responses to sponsorship alliance risk; The University of Queensland, St Lucia, QLD 4072, Australia; 2015</ref> between sponsors and project owners. Hence, uncertainty about the true worth of a sponsorship deal and its potential to deliver on the desired objectives and vice versa can underlie risks between both sites. Thus, Project sponsorship is also strongly connected with risk identification. | ||
Revision as of 00:28, 23 February 2019
Abstract
Project Sponsorship relates to and differs from Project Management, as well as defines the role of sponsor by linking it strongly with principals such us leadership, risk-taking and strategy planning.
A Project Sponsor could be a range of providers and entities supporting the goals and objectives of an individual or company[1]. In Engineering projects, sponsor is the most influential individual (or the mentor) who would be involved and therefore would contribute technically or strategically in them.
Project Sponsorship is based primarily on exchange theory[2] between sponsors and project owners. Hence, uncertainty about the true worth of a sponsorship deal and its potential to deliver on the desired objectives and vice versa can underlie risks between both sites. Thus, Project sponsorship is also strongly connected with risk identification.
In Engineering projects, sponsorship illustrates the definition, decision, justification, agreement and security of overall budgets, resources and timescales that respond to the aim of each project\case. A fundamental factor to achieve projects success (operationally, economically or financially) is the adjustment of a well-orientated strategy and portfolio direction that are inseparable principals of project's sponsorship.
Furthermore, despite the importance of stakeholders who are actively involve in project governance, a project sponsor's duty is to set an inclusive framework which defines the roles, relationships and positions of internal and external stakeholders inside and outside of the project’s governance structure.
Definition of Sponsorship
Project sponsorship is defined as the ownership of projects on behafl of a client or organization in terms of corporate accountability. It is strongly connected with leadership and it is improved by awareness of different leadership, styles, models etc.[3] It is also closely connected to delegating responsibility and related techniques. Project Sponsorship and Project Management are linked crucially together and are mutually dependet roles, but the key difference between them is that Project Sponsorship mainly involves in other important issues such us authorizing changes in scope, phase-end reviews and go/no-go decisions when risks are particularly high.[4] Although Project Management literature often discusses the role of the Project Executive Sponsor, it fails to describe the factors contributing to effective Project Sponsorship, a role that is increasingly associated with Project success. This failure is exacerbated by research focusing on either the structural or the behavioral factors are most commonly defined as key project roles.[5] Project sponsorship could be provided by number of organizations, including international scientific unions and committees, intergovernmental entities, national space agencies, private companies and in some cases, could by provided by an individual.
References
- ↑ https://www.investopedia.com/terms/s/sponsor.asp/ Investopedia website
- ↑ Margaret A. Johnston. The sum of all fears:Stakeholders responses to sponsorship alliance risk; The University of Queensland, St Lucia, QLD 4072, Australia; 2015
- ↑ https://www.businessballs.com/
- ↑ https://www.pmi.org/
- ↑ Helm J., Remington, K. Effective project sponsorship: an evaluation of the role of the executive sponsor in complex infrastructure projects by senior project managers; Project Management Journal; 2005
