Sunday, August 1, 2021

You are a fiduciary


Alex Korda, a British businessman in the late 1930s, was quoted as saying about a project budget, with a shrug:
“A lot of money—other people’s money, of course, but still a lot.”

Let me offer some advice: when it's other people's money (OPM), it could be career-shortening to shrug off the budget or the budget overruns.

And, by the way, as a PM, you have a fiduciary responsibility to always act in the best interests of your "client". In this case: whoever's money it is. If it is not yours, then you should walk a mile in their shoes and handle their money the way they would.




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