Project Management Tools for Prioritizing Tasks
Effective time management requires prioritizing tasks and objectives to make informed decisions on ranking activities and electing which course to pursue. While the squeaky wheel may be the most urgent for you or someone else, it may not be the most efficient use of time in respect to business goals and objectives.
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Simple Ranking
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Give your to-do list further intelligence by incorporating a numerical scale of importance to the list of tasks and objectives. Ranking should consider matters such as the item's importance to the ultimate business goal or whether certain tasks are more efficiently performed when clustered in similar or related groupings. For example, two separate research-related tasks may be best aligned on the prioritization listing because they both require trips to the same library. Ultimately, prioritize matters based on the benefit of the task, such as its financial or other subjective value.
Prioritization Matrix
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The Prioritization Matrix is also called the Criteria Matrix. It compares choices by weighing each choice against factors such as financial costs, labor costs, time costs and ease of use. Any criteria can be used. The matrix's vertical list includes each criteria. Each choice is placed in the top horizontal grids of the matrix. Individual choices are measured against each criteria using a numerical scale, such as 1 to 10, to weigh its value. Column totals are calculated to develop priorities based on criteria totals for each choice.
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Ansoff Matrix
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Ansoff Matrix is an analytical tool to prioritize product-market opportunities by risk. It uses a four-prong growth matrix: existing markets, existing products, new products and new markets. The matrix is used as a tool to identify priorities when developing business growth strategies. An Ansoff Matrix analysis can help a company decide whether it is more efficient to pursue growth strategies based on diversification, product development, market development or market penetration.
Boston Matrix
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The Boston Matrix, also called the BCG Matrix, prioritizes opportunities based on market attractiveness and the ability to take advantage of it. It evaluates a company's market share, based on revenue or unit volume percentages, to determine how future resources should be used by the institution in the market.
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References
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