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Delegation means entrusting your powers/duties/responsibilities with the right person(s) and creating another hirearchy level. It means that your control is extended and your right to endorse deceisions in the system increased. At the same time you cannot delegate all your duties, What to keep with you hold you in that position and a case of sensibility.
As PM I never delegate my core business/role as PM :
1- Make sure all parts of project is working togother
2- Approval for each phase (major phases)
3- My leadership
If I delegate my main roles then I lose my needs & affecting in this project
Its a question of infinity, it gets changes according to the stages of life and work level you get passed and keep learning through that phase.
But sure EGO will be common in all phases, which stops the ways of development professionally and personally both.
some times over confidence kills you..So, be carefull
The things that closely related to the manager/leader and have a sensitive information.