The key element is that you are half technical and other half people. You could say the other half is political, but that's just what happens when you get a bunch of people together. The key is that larger companies are hard to steer. You can't have N engineers in N directions, and you need to point them in direction.
The way I look at it from a technical perspective is ensuring that the game being played is winnable. Is the project going to work? Or, is this a death march waiting to happen? Do people know what they need to do? Do they have the tools and knowledge? Are stake-holders bought into the picture? Is funding going to endure the march?
The title is entirely useless if you are not in a large organization. Turning the ship even 1 degree is a lot of talking and organizing... Meh...
I like to build, but I'm happy to never build a pyramid again.