Before starting the paper, I would like to tell real story about the sponsorship. Once, I and my team had met to Kapital Bank’s the director of the marketing department in order to get sponsorship for our project, I could not forget her impression. She said: “Firstly, have you got an appointment in advance? Do you have a charter of your project? Guys, do you think that you have a chance to get any sponsorship from our bank?”

            Before meeting with sponsors, the projects must have their project charter because of preventing them from big financial issues. The basic purpose of a project charter is to authorize the project manager to start the approved project and allow him to use organizational resources to accomplish the objectives of the project. (1) In the project charter, all the details should be introduced clearly: project sponsor, measurable objective, high-level requirements, high-level budget, milestone schedule, project manager’s name, responsibilities, authority, project team and signatures. Project charter is like a passport of project. It demonstrates when you must finish the project, how much you can spend,

Sponsorship of a project, program or portfolio is an important senior management role. The sponsor is accountable for ensuring that the work is governed effectively and delivers the objectives that meet identified needs. (2) If any person has accepted to be sponsor for the project, it means that he has an interest in this. In addition to the responsibilities of the sponsors beside paying money, they also secure the budget, support the project manager, make critical decisions. Furthermore, depending on the level of the sponsor, it can impact the future of the project because one company might be preferred to another one

and what team members’ responsibilities are.

References:

1. Why do we need a project charter? 2015. https://www.simplilearn.com/project-charter-and-its-importance-article
2. Sponsorship 2014. http://knowledge.apm.org.uk/bok/sponsorship-0