According to Mark Langley, President and chief executive of the Project Management Institute, the executive sponsor is extremely important. Having the right project champion in your corner is the difference between success and failure.
He says that the sponsor should have a thorough knowledge of the project, and how it is related to, and impacts on, the organisations’ strategy.
About 62% of projects have an actively engaged sponsor, but those that do are completed more successfully, according to the Project Management Institute’s 2015 Pulse of the Profession ® Study. This will mean they are more likely to meet their goals, complete on time, and within budget.
As one survey respondent said “To be a really good executive sponsor requires two sets of skills that are not always packaged in one person. You have to have the ability to micromanage, but not the tendency to micromanage.”
The role of the sponsor
Continue reading Project Management: How important is your executive sponsor?
Muhammadu Buhari, President of the Federal Republic of Nigeria
Nigeria, though rated the largest economy in Africa is contending with hard times.
Following the fall in global oil prices and the weakening currency which has been under devaluation pressure in recent times, economic experts foresee hard times for Nigerians and the possibility of devaluating the Naira.
Agence France-Presse (AFP) reports that dollar reserves stands at $28bn; $20bn less than in April 2013.
This development portends a looming downfall for Nigeria that is import-dependent for almost everything; from milk and machinery to petroleum products.
International Monetary Fund (IMF) projected Nigeria to have grown by 3.0% in 2015, its slowest pace in over a decade.
Nigeria, unlike Norway that invested hundreds of billions of dollars of its oil money into stocks, bonds and real estate, depends majorly on revenue from oil.
By the reality in the global oil market, the country is exposed to economy down turn as crude oil prices have slumped more than two-thirds since $100 per barrel in mid-2014.
AFP also noted that Nigeria is now in limbo, badly needing foreign investment but unable to get any. Continue reading President Buhari: Reasons Hard Times Await Nigeria