Monday, February 13, 2017

PM as Fiduciary?

Consider this explanation of a fiduciary:
In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance, and trust in another whose aid, advice or protection is sought in some matter.

In such a relation good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who trust
So, what are we to make of that?
Certainly, the project manager is, or should be, is vested with confidence, good faith, reliance, and trust. So, that makes the PM a fiduciary watching out for the vulnerable.

And, in a project situation, who is vulnerable?
  • The client or customer?
  • The sponsor?
  • Other project staff 
And, the PM is to hold all their interests in hand and find the best solution that optimizes interests for each of them? Good luck with that!

At some point, some ox is going to get gored. And then who blames the fiduciary? And to what risk is the fiduciary held?

The answer is: it's different in every project, depending on whether the client or sponsor is most supreme. And, of course, how does the PM get measured?
  • Business satisfaction re the project scorecard
  • Client satisfaction re business relationship
I think this why they pay the PM the big bucks!

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