Project Prioritization Process
Project prioritization processes help maximize business resources. Prioritization is essential to running a successful business because every project faces a certain amount of constraints. Prioritization processes help ensure the overall objective is completed by concentrating on the most important steps. Furthermore, the process may also reveal which tasks are not critical to the overall goals --saving time and money.
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Start with the End in Mind
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Projects have a specific purpose. The prioritization process’ broader objective is to help achieve the project's purpose effectively and efficiently. Businesses are often limited by resources, tight deadlines and client expectations. These external pressures can sometimes misdirect precious manpower onto less vital actions. Effective project managers understand this and create the task-ranking process around this knowledge.
Value, Cost and Risk
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All project tasks should be assessed on their impact on the larger objective. The assessment should be on an action’s relative value, cost and risk. For example, estimating the relative penalty cost the business would suffer if it doesn’t accomplish the task could change its importance. In cases where time is extremely short, limiting the downside risks can be advantageous to the business by achieving the most critical actions.
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Develop Criteria
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Effective processes have benchmarks. Benchmarks interspersed throughout the process give regular feedback showing the project’s progress or obstacles. Process criteria should be developed through brainstorming sessions addressing issues such as scoring models, checklists and ranking tasks. Additionally, the process should also identify criteria for which actions should be set aside or deleted altogether.
Criteria Evaluation
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Criteria will undoubtedly vary from project to project. Each task can be ranked or weighted based on its critical association to the project’s success. For example, a ranking system for a project with an overall goal to achieve a specific dollar amount could mean each task is assigned with a return on investment figure and ranked accordingly. Focusing energy on the highest-ranking actions will help build momentum with each task completion, which may speed the achievement of the overall project.
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