Understanding Your New Role As Project Owner

In the fast-paced modern business environment, project owners have to find ways to supervise a project in the most efficient manner. Project Vantage by Upstart Industries Inc. offers the perfect tools for project owners to overlook the progress of a project right up to its completion. Obviously, social collaboration plays an important role in any project and Project Vantage promotes a private social network in which you can "work like you play". Before we take a look at Project Vantage's other features, let's take a look at project ownership.

Generally, a project owner is the person who assumes the greatest risk as well as the greatest reward upon completion of the project. In business, it's measured in financial gains or losses. In non-profit organizations, the success of a project may be measured in terms of exposure for the organization or the success of a fund-raising campaign. From the start of the project up until the completion of the project, the project owner exercises full authority. The project owner must be committed to the project, and regardless of success or failure, he or she must be accountable for the outcome.

What are the basic responsibilities of a project owner? The most important responsibility of the project owner is to provide the necessary resources to complete the project. To organize these resources efficiently, the project owner has to identify and appoint a project manager. In most cases, the project owner is possibly the owner or the CEO of the company so the person will not be involved in the day-to-day management of the project. However, the project owner has to provide the basic guidelines in terms of the strategy and vision in relation to the running for the project. Another responsibility of the project owner is to ensure that business and corporate needs are integrated into the project objectives. The project owner has to handle project-related issues and provide assistance or opinions when there are potential risks. On another level, the project owner also has to monitor the budget, procedures, and processes of the project. If there are conflicts of resources, the project owner is expected to resolve the problems. Upon completion of the project, the project owner has to manage the profits or losses which are brought about through the project.

Project Vantage can make the job of a project owner much easier. It offers real-time information on assignments, resource allocation, and project workload. With this tool, the project owner can look at all how the teams are using the available resources and risks can be minimized. All project documents can be kept in the VantageShare cloud file storage so all project members will be able to access the documents. This promises an environment of transparency and trust. Project members will also be happy with the social collaboration stream which encourages secure real-time communication. Another great thing about Project Vantage is the fact that you can customize it according to your needs because we fully understand that no two project is the same.

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Lynn Kelly is an IT project management consultant and contributor for Vantage, promoting the Social Approach to Project Management. Visit http://projectvantage.com to learn more and signup for a free trial of Vantage project management software at http://www.projectvantage.com/pricing to get started. Each trial includes 10 free user accounts to share, so get social with your projects today.

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