Project Prioritization: How To Prioritize Projects & Strategy

Project Prioritization: How to Prioritize Projects & Strategy

Project Prioritization is a project management tool that allows program and portfolio managers to prioritize projects by comparing several project prioritization variables on a single comparison matrix. There are three most commonly used project prioritization methods: the scoring model, project prioritization matrix, and payback period. The scoring model involves evaluating different aspects of a project and assigning a numeric value scale to each criterion. Project prioritization matrix is similar to an Eisenhower matrix, but involves more variables. Payback period focuses on the payback period, which is the time it takes for an organization to recover the investment made on a project.

The most important details in this text are the steps to ensure that project prioritization is done correctly. These steps include mapping out all projects and initiatives, defining project prioritization criteria, and prioritizing similar projects that use the same resources. Project prioritization needs vary from one organization to another and the variables that can be used to build a prioritization criteria or scoring model. It is important to think about what you are doing and why you are doing it to ensure that all projects are working in the right direction. Project prioritization criteria are important for reducing costs and improving operational efficiency.

Examples include project feasibility, potential risks, cost-benefit analysis, business value, project length, resources needed, strategic alignment, and managing projects aggressively. Project Prioritization Matrix Template is a great way to start prioritizing tasks or projects. Once you've built your project prioritization matrix, upload it to ProjectManager to use its robust project, program and portfolio management features.