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Enhancing Project Success through Proven Methods of Risk Monitoring and Control

   

Added on  2019-09-18

5 Pages1984 Words308 Views
Leadership ManagementProfessional Development
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Running Head: HOW EXECUTIVE SPONSORS INFLUENCE PROJECT SUCCESSHow Executive Sponsors Influence Project SuccessStudent Name: Student ID: Course Name: Course ID:Faculty Name: University Name:
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HOW EXECUTIVE SPONSORS INFLUENCE PROJECT SUCCESS1IntroductionThe current paper is concerned with assessing the aspects of the case “How Executive Sponsors Influence Project Success”. The sponsors are an integral part of any project management and their level of contribution is likely to make or break the project progress. Executive sponsors are the individuals at the senior positions within an organization and is given responsibility for the project success. The sponsors within the project are generally responsible for variety of aspects. Some of the responsibilities of the project sponsors are providing leadership on cultural and value aspects, focusing on realizing benefits, providing feedback, and others (Davis, 2014). Some of the areas are handled by project sponsor in combination with the input from project managers such as timely decision making, developing frameworks for the decision making, establishing trust, managing relationships, and others (Bryde, 2008). Moreover, the project sponsors engage with the stakeholders, build client relationships, engage in handling stakeholder communications, and handle other such aspects. The next chapter on Key Learning presents the aspects that have been learned from the case which is followed by the next chapter on application of those learning on a real problem solving. In the end, a conclusive remark has been given based on the overall study. Key LearningThe case on “How Executive Sponsors Influence Project Success” undertook certain field study to understand the sponsor behavior and project success. It has been found that in most of the cases the planning and executing overlaps and is iterative in nature. Moreover, it has been stated that conventionally there are three criteria that speaks of project success namely, cost, schedule and performance. However, some of the researches have led to the understanding that the important success factors are customer impact, meeting agreements, and benefits gained by the company (Kloppenborg, & Tesch, 2017). The customer impact is associated with the meeting of needs. This requires designing deliverables that are closely or directly associated with the need of the customers for whom the project is being designed. Completing the project within the given duration, defined budget, and as per the requirementsprovided is another success factor. The assessment of the case led to the understanding that more than 1000 respondents were analysed to identify the behaviors of the sponsors that are important for the project success at each stage. The sub-sections below briefly shows the learning gained regarding each of the stages:Initiation StageIt has been understood that during this stage the project sponsors and the managers should engage more often informally to ensure that the trust among them is built. Moreover, it is important that the clear goals and objectives should be defined. If the expectation about the performance will not be clear then it is less likely that the project will stand on expectation of anybody. Another important aspect is the selection of a right project manager and then providing useful mentorship (Kantolahti, 2016). This helps the project manager understand the bigger picture and set the priorities. The establishment of priorities allow project managers understand what to be done first. Plan StageHere, the executive sponsors engage in activities that results in plan development and builds relationship with the stakeholders. The responsibilities of planning is of project manager,
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