The Prioritization Matrix is a simple tool designed to compare the proposed projects or tasks, giving them all the same criteria and weighted grades. Once all of the proposals have been graded, it is easy to see which one should positively impact the company. It describes AHP's evolution and purpose and overviews the process of using the SAATY scale, AHP, and the comparison matrix to prioritize an organization's portfolio of projects. It outlines the comparison matrix's formulas for calculating value, qualifying decisions, simulating project results, and gauging a criteria grouping's portfolio impact. The Project Priority Matrix is a structured approach to working on what matters most for the project's' stakeholders. A prioritization matrix is a simple tool that provides a way to sort a diverse set of items into an order of importance. It also identifies their relative importance by providing a means for ranking projects (or project requests) based on criteria that are determined to be important.
- Project Prioritization Criteria Matrix
- Project Prioritisation Matrix Management
- Project Prioritisation Matrix Sample
- Prioritization Matrix Pmp
- Project Prioritisation Matrix Meaning
- How To Create A Prioritisation Matrix
Project Prioritization is About Maximizing Value
Project prioritization (and by extension, portfolio management) is about delivering the maximum value possible through programs and projects. In order to maximize value delivery, governance teams that approve work need to share a common view of 'value' in order to select the most valuable work and assign the right resources to that work. Understanding the relative 'value' of each program and project in the portfolio is at the heart of portfolio management and determines what work is selected, how it is prioritized, where resources are allocated, etc. In order to select a winning portfolio, every governance team needs to share a common understanding of value; without it, you'll fail to realize the full potential of your portfolio. Project prioritization using a portfolio scoring model helps evaluate project value.
However, the definition of 'value' will differ at every company because every company has different strategic goals, places varying emphasis on financial metrics, and has different levels of risk tolerance. Furthermore, even within a company, each department may interpret the strategic goals uniquely for their organization. Hence, 'value' is not clear cut or simple to define. Any organization that manages a portfolio of projects needs to define and communicate what kind of project work is of highest value.
'Priorities create a ‘true north' which establishes a common understanding of what is important. Without a clear and shared picture of what matters most, lower-value projects can move forward at the expense of high-value projects.'
Assessing Project Value
Assessing project value is particularly important in the first phase of the portfolio lifecycle (Define Portfolio Value) via a work intake process. The only way to have a winning portfolio is to include winning projects, and this requires that project proposals be evaluated. When evaluating new projects for inclusion in the portfolio, a governance team must understand the relative value of the proposed project in relation to the rest of the projects in the portfolio; this will help inform the governance team's decision to approve, deny, or postpone the project. Every project has inherent value, but that value is relative when compared to other projects. Some projects are transformational in nature and are highly valuable. Other projects may introduce small incremental change and could be of lower value. However, without a consistent approach to measuring the relative value of all projects it is possible for lower value projects to move forward at the expense of higher value projects. This is why a governance team needs a consistent way to measure project value.
The Right Tool for Assessing Project Value – The Portfolio Scoring Model
There are many ways to prioritize projects, but the best tool for consistent project prioritization is a portfolio scoring model. Sometimes organizations will want to quickly come up with a stack ranking of projects and apply simpler approaches to prioritize work. This can involve long workshops with senior leaders to establish a rank ordered list of projects. While this approach can be useful in certain instances, it is not easily repeatable. In contrast, a scoring model provides a numeric score that can easily be used to compare projects. Moreover, organizations can also compare the project score of current projects against the project scores of completed projects to understand whether the relative value of projects in the portfolio is less than or greater than the value of completed projects.
The portfolio scoring model includes: the criteria in the model, the weight (importance) of each criterion, and scoring anchors to assess each criterion (e.g. none = 0, low =1, medium = 2, high = 4). A poor scoring model will not adequately differentiate projects and can give the governance team a false sense of precision in measuring project value. A good scoring model will align the governance team on the highest value work and measure the risk and value of the portfolio. Typical portfolio scoring models often include three categories of criteria (see example below):
- Strategic Criteria: to measure the strategic alignment of each project
- Financial Criteria: to measure quantitative financial value for each project (e.g. net present value (NPV), return on investment (ROI), payback, earnings before interest and taxes (EBIT), etc.)
- Risk Criteria: measure of the 'riskiness' of the project; this is not about evaluating individual projects risks but evaluating the overall level of risk associated with a project. This is similar to evaluating the risk of an individual stock. Remember, if you could only choose one of two investments that each have the same return, you will always go with the least risky option.
There are various approaches to building a good portfolio scoring model, and we believe it is worthwhile to invest a little time with decision makers to build a robust model from the beginning. For teams that need to manage a high volume of work requests, check out our post on how to use a priority matrix.
Acuity PPM SoftwareHow to Use Project Scores
After developing and implementing the portfolio scoring model each project will have a project score. This score is useful during the project initiation phase to select projects for the portfolio as well as how to assign resources to projects. For many organizations, the process of selecting projects and prioritizing projects is merged together to develop a rank order list of projects where the governance team 'draws the line' where budget or resources run out to define the portfolio (see example below). This approach is an acceptable way to begin to use a portfolio scoring model (note: portfolio optimization would yield an overall better portfolio and will be discussed in a future post). The risk related scores generated from this process will further enable portfolio risk management.
Gaylord Wahl of Point B Consulting says that priorities create a ‘true north' which establishes a common understanding of what is important. Without a clear and shared picture of what matters most, lower-value projects can move forward at the expense of high-value projects. Even though experienced leaders understand the need to focus on a select group of projects, in practice it becomes very difficult. Good companies violate the principal of focus all the time and frequently try to squeeze in 'just one more project.'
Project Prioritization Is About Focus
Project prioritization is about focus—where to assign resources and when to start the work. It enables the governance team to navigate critical resource constraints and make the best use of company resources. Higher priority projects need the best resources available to complete the work on time and on quality. Resources that work on multiple projects need to understand where to focus their time. When competing demands require individuals to make choices about where to spend their time, the relative priorities need to be obvious so that high-value work is not slowed down due to resources working on lower-value work. You have to be sure that your most important people are working on the most important projects in order to deliver maximum value within existing capacity constraints.
Furthermore, when resources are not available to staff all of the approved projects, lower priority projects should be started later once enough resources are freed up to begin the work. However, not all projects can be initiated immediately. Understanding relative priorities can help direct the timing and sequencing of projects. In some cases, high priority projects may have other dependencies or resource constraints that require a start date in the future. In other cases, lower priority projects get pushed out into the future. In both cases, schedule priority helps answer the question 'when can we start project work?' This is why project prioritization is about focus—where to assign resources and when to start the work.
An Output of Project Prioritization – the Risk-Value Bubble Chart
One of the best outputs of scoring the risk and value of projects is a risk-value bubble chart which is very useful for visualizing the entire project portfolio. One axis of the chart represents the value of the project (i.e. the value score) and the other axis represents the risk of the project (i.e. the risk score). Bubble size is often based on financial cost or benefit. Additional color coding can be added to differentiate projects based on strategic goal or other categorical information. This chart quickly helps senior leaders compare projects across the portfolio based on risk and value and supports portfolio risk management. Senior leaders can quickly identify high-value and low-risk projects to foster the conversation, 'how can we get more of these types of projects in the portfolio?' Likewise, senior leaders can identify low-value high-risk projects that may have been invisible in the past until they finished scoring projects in the portfolio. These projects are an organizational drain and should be avoided. A simple example is shown below.
Summary of Project Prioritization
![Project Prioritisation Matrix Project Prioritisation Matrix](https://cdn8.bigcommerce.com/s-61110/images/stencil/2048x2048/products/73/491/Action_Priority_Matrix1__52371.1536672098.png?c=2)
- Project prioritization starts with assessing project value
- Senior leaders first need to share a common view of value
- The tool for assessing project value is a portfolio scoring model
- Projects scores improve the project selection process
- Project prioritization is about focus – where to assign resources and when to start the work
Acuity PPM has deep expertise in helping Fortune 500 companies effectively prioritize projects, to learn more, contact us today.
Tim is a project and portfolio management consultant with 14 years of experience working with the Fortune 500. He is an expert in maturity-based PPM and helps PMO Leaders build and improve their PMO to unlock more value for their company. He is one of the original PfMP's (Portfolio Management Professionals) and a public speaker at business conferences and PMI events.
Project Prioritization With Purpose
This presentation will teach you how to build a portfolio scoring model and put it into practice so that you have a successful project prioritization process.
For a free copy of these slides, sign up now.
Why should we prioritize projects?
Project prioritization helps evaluate project value. Since project portfolio management is about delivering the maximum business value through programs and projects, senior leadership needs to share a common view of 'value' in order to select and prioritize the most valuable work and assign the right resources to that work. Any organization that manages a portfolio of projects needs to define and communicate what kind of project work is of highest value, hence the need for prioritization.
Why is project prioritization important?
Priorities create a ‘true north' which establishes a common understanding of what is important. Without a clear and shared picture of what matters most, lower-value projects can move forward at the expense of high-value projects.
What is a portfolio scoring model?
A portfolio scoring model is the best tool for consistent project prioritization. A good portfolio scoring model will align the governance team on the highest value work and measure the risk and value of the portfolio. Typical scoring models often include three categories of criteria: 1) Strategic Criteria: to measure the strategic alignment of each project 2) Financial Criteria: to measure quantitative financial value for each project (e.g. net present value (NPV), return on investment (ROI), payback, earnings before interest and taxes (EBIT), etc.) 3) Risk Criteria: measure of the 'riskiness' of the project; this is not about evaluating individual projects risks but evaluating the overall level of risk associated with a project. This is similar to evaluating the risk of an individual stock. Remember, if you could only choose one of two investments that each have the same return, you will always go with the least risky option.
How can project priority scores be used?
Firstly, project priority scores can be used to compare projects in the portfolio to understand relative value. Next, the scores can help produce a rank ordered list of projects in the portfolio. The value and risk scores can also be used to create valuable portfolio reports such as the risk-value bubble chart. Over time, by maintaining a history of priority scores, your organization will better understand how new projects compare in value not only to active projects, but all projects that have been in the portfolio. Advanced organizations can also utilize project priority scores to support portfolio optimization.
What is the difference between a portfolio scoring model and a priority matrix?
A portfolio scoring model includes multiple criteria for evaluating a project and results in a numeric score that can used for ranking projects and creating risk-value bubble charts. A priority matrix is a simple tool to categorically prioritize work to help triage requests or support a Kanban intake approach.
There is no lack of project ideas in organizations today. Rather, there seems to be a problem of too many ideas, as a long pipeline of proposals wait in queue, competing for attention. Given the large scale and complexity of projects, as well as constraints in resources such as time and budget, the challenge is to identify the perfect combination of projects that can fetch highest returns.
What Is Project Selection?
Project selection is the process of evaluating and choosing projects that both align with an organization's objectives and maximize its performance.
Prioritization refers to ranking or scoring projects, based on certain criteria, to determine the order of execution. However, the terms 'prioritization' and 'selection' are often used interchangeably, as the two processes are intertwined.
Selection and prioritization are important elements of project portfolio management (PPM), an approach that connects the execution of projects with high-level business strategy. As per the 2017 PMI report, 37% of project failures are attributed to a lack of clearly defined objectives and discipline when implementing strategy. This demonstrates how crucial the PPM function is.
PPM implementation can be time consuming, which is why establishing a project management office (PMO) that works on selection and prioritization can be extremely beneficial.
Benefits of Project Selection and Prioritization
Project selection and prioritization are all about having a game plan that accounts for both capacity and strategy. Let's take a look at the benefits that companies stand to gain when these are balanced right.
Better ROI: The fundamental outcome of any project selection process is to increase the ROI. Several selection criteria and prioritization methods, discussed later in the article, can be used to weigh projects against each other, based on their returns.
Increased efficiencies: By investing effort upfront to evaluate the project pool, companies weed out inefficiencies that may creep up later due to not having enough capacity for execution.
Strategic alignment: A project that does not cater to organizational goals, even if executed flawlessly, is a waste of time. The right selection helps companies stay on track with their goals.
Consistency and transparency: A standard selection approach helps the PMO benchmark projects against well-defined criteria rather than use ad-hoc processes that lead to inconsistent approvals. The upside of this consistent approach is transparent downstream communication, as project managers get clarity on why a certain project was approved or rejected.
Shorter time-to-market: As companies become larger, they struggle to maintain an aggressive time-to-market, with a sea of projects competing for attention. Prioritization of projects gives companies the first-mover advantage, enabling them to reach customers before competition.
Successful project delivery: When organizations have good project selection and prioritization processes in place, it leads to the successful delivery of projects.
Apple iPad mini 2. Released 2013, November. 331g (Wi-Fi) / 341g (3G/LTE), 7.5mm thickness. IOS 7, up to iPadOS 12.4.6. 16GB/32GB/128GB storage, no card slot. 3.2% 6,674,677 hits. 278 Become a fan. If your iPad/iPad Pro won't check for iOS 13 update, here you'll learn how to easily get it fixed. Download ReiBoot here: https://www.tenorshare.com/products. Ipad mini 2 ios 13. For your convenience, the maximum iOS version for each iPod touch, iPhone, and iPad is listed below. Complete technical specifications merely are a click away. IPhone and iPod touch devices marked with 'Current' support iOS 14 and iPad devices marked with 'Current' support iPadOS 14.
Project Selection Criteria for Portfolio Management
Ideally, deciding whether to go ahead with a project or not should be straightforward. But, in reality, it's not. The difficulty often lies in leaving projects off the table, and it takes strong leaders with a clear vision to do that.
For example, if there are two projects—one that extends capacity or flexibility of a plant, and another that improves efficiency and expected lifespan of that facility—which one do you select?
The answer is not simple. It depends on which promises better ROI, the long-term goals for the organization, etc. If there is an aim to expand the plant, the former is a sensible option. However, if the goal is to cut costs and increase longevity, the latter option may be preferred.
A few examples of project selection criteria are:
- What is the payback or break-even point?
- What is the impact to the organization's growth (e.g., customer volumes)?
- Does the project contribute to innovation?
- How much risk is involved?
- Are there sufficient resources in terms of time, budget, infrastructure, and people with relevant expertise?
- What is the cost/benefit ratio?
Defining selection criteria is an important function of project portfolio management that's done in collaboration with various stakeholders, such as customers, leadership team, and project managers. Feedback from projects executed in the past is also useful to pick the right criteria.
Learn how EcoSys improves project prioritization and selection.
Project Prioritization Methods
Project prioritization is easier to manage with a small list of say, five projects. However, as this number grows significantly, the complexity can be difficult to handle, requiring more concrete methods.
Here are three useful methods for project prioritization:
1. Ranking Method
The ranking method is a simple approach that arranges the projects on a scale of, say, one to ten, based on their importance. Before assigning the rank, it's important to ask the right questions.
Some ranking method example questions are:
- What is the project's rate of return?
- What are the quantitative and qualitative benefits to the stakeholders?
- How do efficiencies improve if we go ahead with the project?
- Do we have the capacity and capability to execute the project? If not, how long would it take onboard new resources?
![How to create a prioritisation matrix How to create a prioritisation matrix](https://www.slideteam.net/media/catalog/product/cache/960x720/p/r/prioritization_matrix_of_project_activities_slide01.jpg)
- Project prioritization starts with assessing project value
- Senior leaders first need to share a common view of value
- The tool for assessing project value is a portfolio scoring model
- Projects scores improve the project selection process
- Project prioritization is about focus – where to assign resources and when to start the work
Acuity PPM has deep expertise in helping Fortune 500 companies effectively prioritize projects, to learn more, contact us today.
Tim is a project and portfolio management consultant with 14 years of experience working with the Fortune 500. He is an expert in maturity-based PPM and helps PMO Leaders build and improve their PMO to unlock more value for their company. He is one of the original PfMP's (Portfolio Management Professionals) and a public speaker at business conferences and PMI events.
Project Prioritization With Purpose
This presentation will teach you how to build a portfolio scoring model and put it into practice so that you have a successful project prioritization process.
For a free copy of these slides, sign up now.
Why should we prioritize projects?
Project prioritization helps evaluate project value. Since project portfolio management is about delivering the maximum business value through programs and projects, senior leadership needs to share a common view of 'value' in order to select and prioritize the most valuable work and assign the right resources to that work. Any organization that manages a portfolio of projects needs to define and communicate what kind of project work is of highest value, hence the need for prioritization.
Why is project prioritization important?
Priorities create a ‘true north' which establishes a common understanding of what is important. Without a clear and shared picture of what matters most, lower-value projects can move forward at the expense of high-value projects.
What is a portfolio scoring model?
A portfolio scoring model is the best tool for consistent project prioritization. A good portfolio scoring model will align the governance team on the highest value work and measure the risk and value of the portfolio. Typical scoring models often include three categories of criteria: 1) Strategic Criteria: to measure the strategic alignment of each project 2) Financial Criteria: to measure quantitative financial value for each project (e.g. net present value (NPV), return on investment (ROI), payback, earnings before interest and taxes (EBIT), etc.) 3) Risk Criteria: measure of the 'riskiness' of the project; this is not about evaluating individual projects risks but evaluating the overall level of risk associated with a project. This is similar to evaluating the risk of an individual stock. Remember, if you could only choose one of two investments that each have the same return, you will always go with the least risky option.
How can project priority scores be used?
Firstly, project priority scores can be used to compare projects in the portfolio to understand relative value. Next, the scores can help produce a rank ordered list of projects in the portfolio. The value and risk scores can also be used to create valuable portfolio reports such as the risk-value bubble chart. Over time, by maintaining a history of priority scores, your organization will better understand how new projects compare in value not only to active projects, but all projects that have been in the portfolio. Advanced organizations can also utilize project priority scores to support portfolio optimization.
What is the difference between a portfolio scoring model and a priority matrix?
A portfolio scoring model includes multiple criteria for evaluating a project and results in a numeric score that can used for ranking projects and creating risk-value bubble charts. A priority matrix is a simple tool to categorically prioritize work to help triage requests or support a Kanban intake approach.
There is no lack of project ideas in organizations today. Rather, there seems to be a problem of too many ideas, as a long pipeline of proposals wait in queue, competing for attention. Given the large scale and complexity of projects, as well as constraints in resources such as time and budget, the challenge is to identify the perfect combination of projects that can fetch highest returns.
What Is Project Selection?
Project selection is the process of evaluating and choosing projects that both align with an organization's objectives and maximize its performance.
Prioritization refers to ranking or scoring projects, based on certain criteria, to determine the order of execution. However, the terms 'prioritization' and 'selection' are often used interchangeably, as the two processes are intertwined.
Selection and prioritization are important elements of project portfolio management (PPM), an approach that connects the execution of projects with high-level business strategy. As per the 2017 PMI report, 37% of project failures are attributed to a lack of clearly defined objectives and discipline when implementing strategy. This demonstrates how crucial the PPM function is.
PPM implementation can be time consuming, which is why establishing a project management office (PMO) that works on selection and prioritization can be extremely beneficial.
Benefits of Project Selection and Prioritization
Project selection and prioritization are all about having a game plan that accounts for both capacity and strategy. Let's take a look at the benefits that companies stand to gain when these are balanced right.
Better ROI: The fundamental outcome of any project selection process is to increase the ROI. Several selection criteria and prioritization methods, discussed later in the article, can be used to weigh projects against each other, based on their returns.
Increased efficiencies: By investing effort upfront to evaluate the project pool, companies weed out inefficiencies that may creep up later due to not having enough capacity for execution.
Strategic alignment: A project that does not cater to organizational goals, even if executed flawlessly, is a waste of time. The right selection helps companies stay on track with their goals.
Consistency and transparency: A standard selection approach helps the PMO benchmark projects against well-defined criteria rather than use ad-hoc processes that lead to inconsistent approvals. The upside of this consistent approach is transparent downstream communication, as project managers get clarity on why a certain project was approved or rejected.
Shorter time-to-market: As companies become larger, they struggle to maintain an aggressive time-to-market, with a sea of projects competing for attention. Prioritization of projects gives companies the first-mover advantage, enabling them to reach customers before competition.
Successful project delivery: When organizations have good project selection and prioritization processes in place, it leads to the successful delivery of projects.
Apple iPad mini 2. Released 2013, November. 331g (Wi-Fi) / 341g (3G/LTE), 7.5mm thickness. IOS 7, up to iPadOS 12.4.6. 16GB/32GB/128GB storage, no card slot. 3.2% 6,674,677 hits. 278 Become a fan. If your iPad/iPad Pro won't check for iOS 13 update, here you'll learn how to easily get it fixed. Download ReiBoot here: https://www.tenorshare.com/products. Ipad mini 2 ios 13. For your convenience, the maximum iOS version for each iPod touch, iPhone, and iPad is listed below. Complete technical specifications merely are a click away. IPhone and iPod touch devices marked with 'Current' support iOS 14 and iPad devices marked with 'Current' support iPadOS 14.
Project Selection Criteria for Portfolio Management
Ideally, deciding whether to go ahead with a project or not should be straightforward. But, in reality, it's not. The difficulty often lies in leaving projects off the table, and it takes strong leaders with a clear vision to do that.
For example, if there are two projects—one that extends capacity or flexibility of a plant, and another that improves efficiency and expected lifespan of that facility—which one do you select?
The answer is not simple. It depends on which promises better ROI, the long-term goals for the organization, etc. If there is an aim to expand the plant, the former is a sensible option. However, if the goal is to cut costs and increase longevity, the latter option may be preferred.
A few examples of project selection criteria are:
- What is the payback or break-even point?
- What is the impact to the organization's growth (e.g., customer volumes)?
- Does the project contribute to innovation?
- How much risk is involved?
- Are there sufficient resources in terms of time, budget, infrastructure, and people with relevant expertise?
- What is the cost/benefit ratio?
Defining selection criteria is an important function of project portfolio management that's done in collaboration with various stakeholders, such as customers, leadership team, and project managers. Feedback from projects executed in the past is also useful to pick the right criteria.
Learn how EcoSys improves project prioritization and selection.
Project Prioritization Methods
Project prioritization is easier to manage with a small list of say, five projects. However, as this number grows significantly, the complexity can be difficult to handle, requiring more concrete methods.
Here are three useful methods for project prioritization:
1. Ranking Method
The ranking method is a simple approach that arranges the projects on a scale of, say, one to ten, based on their importance. Before assigning the rank, it's important to ask the right questions.
Some ranking method example questions are:
- What is the project's rate of return?
- What are the quantitative and qualitative benefits to the stakeholders?
- How do efficiencies improve if we go ahead with the project?
- Do we have the capacity and capability to execute the project? If not, how long would it take onboard new resources?
The advantage of this method is its quick approach that enables identification of top priorities. It works effectively when there are limited criteria to evaluate and it's easy to assess the factors involved.
However, since it considers only one or two selection criteria, it could work out to be too simplistic for complex project evaluations. In such cases, the scoring model may be a better fit.
2. Scoring Model
The scoring model works when there are many selection criteria to consider and projects being compared are significantly different, making the process harder. Rather than selecting one or two criteria as in the ranking method, the scoring model considers one or two groups of factors, such as strategic alignment, benefits, ROI, risk, etc.
Project Prioritization Criteria Matrix
In addition to assigning a rating to each criterion, every group is given a weight. For example, benefits may have a factor of 1.5, whereas risk may have 0.75. The weighted average score is then computed to arrive at the final project score.
The challenge with the scoring model is that its attempt to accommodate a long catalog of criteria not only makes it more work for the PMO team, but it can also blur scoring. Along with that, the chance of biases and guesswork in the rating and weight criteria assignments makes it debatable whether the final score aptly reflects the project's priority. One way to design the model is to test against existing projects and see how accurate the score is.
Usually, the PMO tends to take a middle ground by applying the scoring model on a shorter list of weighted criteria.
Project Prioritisation Matrix Management
3. Analytic Hierarchy Process (AHP) Technique
AHP combines subjective elements with mathematical models to provide a more holistic technique than the ranking or scoring methods. Used commonly in many decision-making scenarios, it lends particularly well to complex project evaluations.
Similar to the scoring model, AHP works with a long list of selection criteria. However, it does a pairwise comparison, pitting every two criteria against each other, which reduces the possibility of errors and biases. After this apples-to-apples type of comparison, values are normalized, and the weighted score is computed. (For more details on this approach, review this detailed example from PMI).
Analytic hierarchy process' strong reliance on quantitative techniques is its strength, as it translates an abstract problem into numbers and makes the reason behind a decision transparent. As the number of criteria increase, the math can get clunky. But, this isn't something that the right PPM tool can't solve.
Project Prioritisation Matrix Sample
AHP is definitely a more mature and recommended approach for complex decisions than the other two methods—it aims to understand the relative importance between two criteria rather than rank everything in absolute terms.
Prioritization Matrix Pmp
Rust satellite dish. There is the possibility of guesswork in this technique, though. Factoring in multiple expert opinions and testing against existing projects for accuracy helps improve the model.
Continuous Monitoring in Project Prioritization and Selection
Project Prioritisation Matrix Meaning
Project prioritization is usually perceived as an initial step, a decision point that leads to the actual execution of the project. However, many variables may impact the selection criteria as the project progresses. Project prioritization should instead be an ongoing process where project scores are reviewed and updated during project development and at designated stage gates. As project definition increases, the scoring becomes more accurate and definite.
How To Create A Prioritisation Matrix
Even after a project has begun, a new industry regulation may impact resources, processes, etc. All dynamic factors need to be continuously monitored by the PMO to re-prioritize as needed.
Ultimately, the goal is to strike a balance between constant disruption in schedules and adapting to stay aligned to the business objectives by having PPM tools and processes in place to manage the project portfolio.
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