Project Owner provides decision support and guidance to the entire project team and more importantly he is the communication link between Project Manager and the Sponsor. They are accountable to the Sponsor for day-to-day oversight. After Project Manager they drive the project and they are responsible for the team performance. They are also responsible for coordination with functional leadership to promote cooperation; minimizing disruption to regular operations and ensures that the project is clearly defined and the project objectives are understood among all project stakeholders.
Project Sponsor oftentimes referred to as simply Sponsor. Sponsor’s are responsible for project’s size in terms of cost and degree of importance. Sponsors authorize all project spending and resource utilization and also to ensure Project meets the original intended objectives.
Sponsor support in obtaining resources consistent with organization and retains ultimate accountability for the project’s business justification, financial performance, execution, risk exposure and final result with priorities and policies. Sponsor create a positive working environment by acting as the project advocate. Although they keep abreast of major project activities, they do not get involved in the day-to-day work activities of running the project. The Sponsor shares the responsibility with project owner on the project.
There’s no management tool more important than respect.