Project Canvas Part 5: Sponsorship

Summary

The transcript discusses the key elements of project management, focusing on the roles of sponsorship, resources, and stakeholders. It highlights the importance of sponsorship, explaining the responsibilities of sponsors in funding, supporting, and aligning projects with company strategies. It further elaborates on the differences between being accountable and responsible in project management, using examples to clarify the distinctions. The script also explains the interaction between sponsors and project managers, emphasizing their collaborative efforts in ensuring the success of projects and handling potential conflicts or changes. The content concludes by stressing the need for careful selection of sponsors and active participation in steering committees.

Takeaways

• 😀 Sponsorship refers to the individuals or entities providing funding for a project. It is crucial for the project's success as they are accountable for its financial backing and strategic alignment.
• 😀 Resources are the people involved in delivering the project, such as project managers, developers, designers, and anyone contributing directly to project execution.
• 😀 Stakeholders include everyone affected by or benefiting from the project. This can encompass sponsors, resources, and users who will interact with the outcome of the project.
• 😀 The difference between 'accountable' and 'responsible' is key: accountable individuals are responsible for the overall success, while responsible individuals handle specific tasks within the project.
• 😀 A sponsor is accountable for the overall project outcome, while a project manager handles day-to-day operations and ensures that tasks are completed on time and within scope.
• 😀 Sponsors ensure that the project aligns with the company’s strategic objectives and provide the necessary funding and resources. They also manage conflict and decision-making during the project.
• 😀 A project sponsor should actively participate in key meetings, such as steering committee sessions, and provide ongoing support to the project manager for critical decisions.
• 😀 The sponsor is responsible for approving additional budget or changes to the project scope, such as adding new features or extending timelines.
• 😀 An effective sponsor must be dedicated to the project, capable of dedicating sufficient time to oversee its progress and engage with stakeholders.
• 😀 Project managers handle the operational side of the project, such as planning, risk management, and ensuring that project tasks are executed efficiently according to the established schedule.

Q & A

What is the main purpose of filling out a project canvas?

The project canvas helps define the purpose, investment, budget, and benefits of a project. It gives a clear overview of why the project is being undertaken, who is involved, and how it will be executed.

What are the three categories of people involved in a project?

The three categories are sponsorship, resources, and stakeholders. Sponsorship refers to those funding the project, resources include the people working on the project, and stakeholders are those who will be impacted or benefit from the project.

How does the role of sponsorship differ from the role of resources in a project?

Sponsorship refers to individuals or groups who provide funding and high-level support for the project, while resources are the people directly involved in executing the project, such as project managers, programmers, and designers.

What is the significance of being 'accountable' in a project, and how does it differ from being 'responsible'?

'Accountable' means being responsible for the overall success of the project, including decisions and outcomes. 'Responsible', on the other hand, means being in charge of specific tasks or duties within the project, but not the entire project outcome.

Why is it important for a sponsor to be actively involved in the project?

An active sponsor is crucial because their involvement ensures that the project remains aligned with the company's strategy and objectives, and they can help resolve conflicts or make decisions swiftly when issues arise.

What are some key responsibilities of a project sponsor?

A project sponsor is responsible for securing the budget, ensuring alignment with company strategy, approving decisions, supporting the project manager, managing conflicts, and participating in review meetings and steering committees.

How does the project manager’s role differ from that of the sponsor?

The project manager handles day-to-day operations of the project, ensuring that tasks are completed on time and within scope. The sponsor, on the other hand, focuses on ensuring the project aligns with strategic goals, securing resources, and making high-level decisions.

What actions would a sponsor take if a project needs additional resources or time?

The sponsor would assess the need for additional resources or time, make decisions on funding, and communicate with key stakeholders, such as the board of directors, to approve changes to the project scope or timeline.

What is a steering committee, and why is it important for the sponsor to organize it?

A steering committee is a group of senior executives and stakeholders who help guide the project. It is important for the sponsor to organize this committee to ensure that the project receives the necessary strategic support and to help resolve high-level issues.

What factors should be considered when selecting a project sponsor?

When selecting a sponsor, it’s important to ensure that they are capable, dedicated to the project, able to dedicate time, and possess the authority to make decisions. Additionally, they should be committed to regular communication with the steering committee and project team.