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Executive sponsor (sometimes called project sponsor or senior responsible owner) is a role in project management, usually the senior member of the project board and often the chair. The project sponsor will be a senior executive in a corporation (often at or just below board level) who is responsible to the business for the success of the project.
Secondly the project sponsor is responsible for the project’s business case and should not hesitate to recommend cancellation of the project if the business case no longer justifies the project. Project sponsors can encourage separation of decision making responsibilities between project manager and project sponsor, accountability for the ...
The term project owner is sometimes used for describing the project executive. However, the term project owner is ambiguous, since it can refer to various different roles, such as the project sponsor, or a team including the sponsor, project champion and the owner's project manager, or simply the customer. [8]
Project governance is the management framework within which project decisions are made. Project governance is a critical element of any project since the accountabilities and responsibilities associated with an organization's business as usual activities are laid down in its organizational governance arrangements; seldom does an equivalent framework exist to govern the development of its ...
A Contracting Officer's Technical Representative (COTR) is a business communications liaison between the United States government and a private contractor.The COTR is normally a federal or state employee who is responsible for recommending actions and expenditures for both standard delivery orders and task orders, and those that fall outside of the normal business practices of its supporting ...
Project finance is the long-term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of its sponsors. Usually, a project financing structure involves a number of equity investors, known as 'sponsors', and a 'syndicate' of banks or other lending institutions that ...
The World Bank began financing the Kenya Forest Service’s Natural Resources Management Project in 2007. It promised to cover $68.5 million of the project’s $78 million budget in an effort to help the KFS “improve the livelihoods of communities participating in the co-management of water and forests.”
Project stakeholders are persons or entities who have an interest in a specific project.According to the Project Management Institute (PMI), the term project stakeholder refers to "an individual, group, or organization, who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project, program, or portfolio. [1]: