"We have no sponsor."
Interpretation. No sponsor has been assigned to a project, or the project has failed to attract a sponsor. Lack of sponsorship is a primary factor in project failure.
Solution. The PPM governing body has the dual responsibility of assigning funding and sponsors to approved projects and rejecting or outplanning projects not deserving of sponsors in the short term. All projects are required to have a sponsor in order to get funded, indicating a strong commitment to the projects from upper management. This helps focus on important rather than simply urgent projects, because more thought occurs before initiating projects.
Benefit. No project is allowed to progress without a sponsor, thus improving the chances of success. No project proposal that does not fit strategically is allowed to become a project. Resources are saved; projects bring value to the organization.
• Ensure that the PPM governing body has the dual responsibility of assigning funding and sponsors to approved projects and rejecting or outplanning projects that will not be immediately pursued.
• Ensure that one sponsor, not multiple sponsors or a group, is assigned to each project.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.