When you mention these words, some people might think of stock markets, mutual funds, and the 1991 movie by the same name starring Danny DeVito, in which he played a ruthless corporate raider, leading hostile takeovers of other companies using everyone's money but his own. You might then think about recent history and failed banks, brokerage firms and the millions of affected people when their retirement investments shrank or fell to near zero and countless people lost their homes.
Scary, scary stuff.
Well, let's step back from the big scary picture out there. Back to the reality of your project, where you are "in charge". All of that scary stuff does not really apply to you, does it?
Well, unless you have zero control over your project (and you are just watching from the sidelines and not doing your job), it does apply to you. Unless you are Richard Branson or Bill Gates, you are probably not bankrolling this project from your own pocket.
Your entire project is funded by Other People's Money. This may be customer money, corporate internal project money, or the collected money from the bake sale last month.
The Bad News? You are the steward and caretaker of Other People's Money, entrusted to deliver the project outcomes successfully - within scope, on time, and of course - on or under budget.
The Good News? You are the steward and caretaker of Other People's Money, entrusted to deliver the project outcomes successfully - within scope, on time, and of course - on or under budget.
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