Project Sponsor Vs Project Owner
Parameters |
Project sponsor |
|
---|---|---|
Authority and Decision-making |
In most cases, probably sits in the leadership position of the risk team for the company and shall give a green light on budget allocations, assignment of resources, and making the final decision on the project’s strategy. |
At times this can lead to ill-defined objectives, where there is no concreteness and no clear accountability by the project owner for the project’s deliverables. They may be in charge of the plan development but not necessarily designate the formal department head title among team members. |
Financial Investment |
Allocates money, offers funding, and helps make a project consistent with organizational goals, as well as fruitful for the company. |
They might provide financial backing for the project, but their major interest is in seeing the results rather than the monetary aspects of the project. |
Stakeholder Representation |
Represent the interests of the organization and stakeholders, and lobbying authority to pursue the project’s objectives while aligning with mission, vision and strategic goals. |
A project manager, will stand for the interests of the involved parties, be it employees of the organization, deadlines or just themselves, meeting their particular needs and requirements. |
Risk Management |
Bears overall strategic risk management responsibility, ensuring risks are identified and assessed so they can be acted upon properly without interfering with organizational goals. |
Participates in risk assessment and management, which mainly covers addressing risks involved in achieving expected outcomes and calls for accomplishing the specified project tasks. |
Project Oversight |
Keep track on through the project, monitoring and guiding the whole process, to ensure it does not lead off the course, the goals of the organization are met and the benefits are assured. |
Occasionally takes a more involved role in the project control, whereby he tracks the progress continuously and offers input, giving directives to ensure the project meets the requirements. |
Accountability for Outcomes |
Ultimately it is decided whether the project is a success or not, including aligning with the strategies, ensuring the benefits, and managing the risks. |
Takes direct control and responsibility for the quality and homogeneity of project results; also checks that the output matches the project goals and objectives adequately |
Long-term Involvement |
The role may continue to deal with the project from its inception and throughout its duration including during its completion to make sure that the project outputs are in line with long-term organizational goals and objectives. |
They also require that the project remains current throughout the project’s life cycle, focusing on achieving project outcomes that align with their actual needs and requirements. |
Resource Allocation |
Allocates resources, including funding, personnel, and other assets, to support the project’s execution and ensure its success. |
May provide input into resource allocation decisions, particularly regarding their specific requirements and priorities for the project’s deliverables. |
What Is a Project Sponsor? Roles & Responsibilities
A project sponsor plays a pivotal role in the success of any project, serving as its champion and advocate throughout its lifecycle. This individual or group provides the necessary resources, support, and guidance to ensure that the project aligns with organizational goals and objectives. Understanding the roles and responsibilities of a project sponsor is essential for effective project management and delivery.
Table of Content
- What Is a Project Sponsor?
- Responsibilities of a project sponsor
- Project sponsor vs. project stakeholder
- Project sponsor vs. project manager
- Project sponsor vs project owner
- Tips for working with a project sponsor
- Conclusion: Project Sponsor
- FAQs: Project Sponsor