Project Sponsor is a person or an entity which provides the financial or other kinds of resources to a project – sponsor can provide support whether because of his profit-making interests or because of philanthropic considerations. In practice the project sponsorship is associated with a much wider set of functions than just investing money – an effective sponsor is a person who ensures an all-round support (both ideological and organizational) and all-level promotion to his project.
In practice, especially when dealing with medium/large projects, there always should be a mediator who links up the project manager with whether senior managers, controllers or involved community and who reduces a number of obstacles or risks on that path – the sponsor is one who does all these tasks, including:
- Championing the project at higher levels of decision-making.
- Promotion and observation of the project ideology, mission, and key ideas at all levels.
- Motivation and coaching the team members during the whole project life cycle.
- Breaking through barriers, and negotiating on possible compromises.
- Securing the project against risk of exceeding its boundaries.
- Judging the project course, and evaluation of business decisions.