In: Economics
1. Being a manager of a project that is assigned to me first of all i would try to find a competent person as a project sponsor and then fix a deal with him. Since we have a project in hand so it is quite essential as the reputation of the company and myself is attached with this project.
Now if the project sponsor wants to withdraw he is bounded by a contract. Still if he wants to give up the role then it becomes a necessity to find a suitable match. It is required to be calm and very precise in choosing the sponsor. At the same time i would have filed a law suit against the old sponsor.
2. As a manager of the team it is required of me to completely assure the safety and security of my team. This can be done by making an insurance for the team members that will assure them of their offsite work and will willingly come to join the team. Secondly an added incentive in cash or kind can be introduced for them or arrangement of loans for future help from the company can also be done. These are progressive measures. Along with these progressive meansures regressive measures like penalty charges, amount cut from salary, incentive cut also be introduced to allow them to forcefully join me in the team for the work. But this decreases the willingness to work of the employees. As a result the efficiency gets affected.