More often than not, a project sponsor is thought of somebody whose responsibility is to secure project funds and participate in the victory lap after project completion. But an “engaged” project sponsor with vested business interests and involvement in the project from the project kickoff to the project closure can mean the difference between a project success or a project failure. One of the reasons why projects fall short is the lack of executive sponsorship and executive management buy-in. Some key responsibilities of a sponsor include: Defining the project; Securing an executive buy-in on the project Providing a clear direction for the project … Read More
Relationships Among Portfolios, Programs, Projects
Portfolios A portfolio refers to a collection of projects, programs, and sub-portfolios managed as a group to achieve organizational, strategic, and business objectives. Programs Programs are a group of related projects managed in a co-ordinated way to obtain the benefits and control not available from managing them individually. Programs are grouped within a portfolio and are comprised of: Sub-Programs Projects Other operational work Projects A project is a temporary endeavor with a definitive beginning and an end. A project is undertaken to create a unique product, service, or result. Fig. illustrates relationships between Portfolios, Programs and Projects [message_box title=”” … Read More