Let’s discuss the four key questions every sponsor should ask before starting a project. The sponsor of a project is the party that provides the funds for the project and has ultimate responsibility for its success or failure. As such, sponsors have a vested interest in ensuring that their projects are well-planned and executed.
What business problem are we trying to solve with this project?
Once defining the problem the project is aiming to achieve and before starting a project, sponsors should ask themselves three key questions:
- What business problem are we trying to solve with this project?
- What are the objectives of the project?
- What are the success criteria for this project
- What are the risks and uncertainties associated with the project?
Answering these questions will help sponsors to develop a clear and concise vision for their project, which will in turn increase the chances of success.
What are the project objectives?
The objectives of a project are the goals that the project is intended to achieve. It is important to define clear and measurable objectives in order to ensure that the project is successful. Objectives should be focused, achievable and realistic.
When considering project objectives, sponsors should think about what the desired outcome of the project is. They should also consider how long the project should take, what resources are required, and any other parameters that may be needed to ensure the successful completion of the project.
Having well-defined objectives will help to keep the project on track and help to ensure that it achieves the desired results. Establishing the objectives early also makes it much easier to measure and track progress, allowing sponsors to make any necessary adjustments to the project in order to ensure success.
What are the success criteria for this project?
Once the objectives have been identified, it is important to establish criteria for success. The success criteria are the measurable standards used to assess if the project has achieved the objectives. These criteria should be based on the objectives and should be objectives-oriented. They should also be achievable and measurable.
When developing the success criteria, sponsors should consider what evidence needs to be collected to demonstrate that the objectives have been achieved. This could include anything from customer feedback to successes that are on track or have been achieved. Having clear and measurable success criteria will also enable sponsors to effectively evaluate the results of the project and make any necessary changes as it progresses.
What are the risks involved
When entering a new project, sponsors should be aware of the risks involved. These may include budget overruns, timeline delays, miscommunication, and even the failure of the project. It is important that these risks are identified early on in the project to prepare for any potential issues.
Sponsors should be aware that risk management is key to project success. They should be sure to maintain an open dialogue throughout the project with stakeholders, including their team and the rest of the organization. This ensures that any potential risks and issues are identified and addressed as soon as possible.
conclusion
When it comes to assessing the risks, sponsors should consider both technical and operational requirements. The risk assessment should include an evaluation of the current environment, the processes and technologies used, and the threats that may arise as the project progresses. The sponsor should also assess the probability of each risk occurring and the worst-case scenario if it does. Finally, sponsors should maintain control over the project and act quickly to mitigate any risks.
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