What is the difference in roles between a project sponsor and a project manager? Why are they each important?
What will be an ideal response?
Answers will vary, but should discuss that while both are important, each serve different roles. Here are some definitions from the textbook which the students might include.
The project sponsor will often be a senior executive in the company who takes responsibility for the success of the project. The project sponsor is generally a different person than the project manager, but often serves as the project champion.
A project manager is the lead member of the project team that is responsible for the project. The project manager's mission is to coordinate the entire project development process to successfully complete the project. A project manager must also be able to analyze the project charter, a document which details the objectives and requirements for the project.
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At the beginning of 2019, Patriots Company has the following account balances:
Accounts Receivable $40,000 (Debit) Allowance for Bad Debts $7000 (Credit) Bad Debts Expense $0 During the year, credit sales amounted to $810,000. Cash collected on credit sales amounted to $790,000, and $17,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 2.5%. The amount of bad debts expense for 2019 is ________. A) $20,250 B) $41,000 C) $17,000 D) $10,250
The balance sheet is presented with the assets equal to liabilities plus equity. When this presentation is presented side by side, it is called the account form
Indicate whether the statement is true or false
Which of the following statements regarding capital expenditures is incorrect?
A) Capital expenditures are purchases of long-term assets. B) The decision to purchase long-term assets is part of a strategic plan. C) Capital expenditures include delivery trucks, computer systems, and manufacturing equipment. D) Installment payments related to the purchase of short-term assets are included in the capital expenditures budget.
Fiduciary funds use the current financial resource measurement focus.
Answer the following statement true (T) or false (F)