Project Prioritization Process Strategies,Company Business Objectives,Strategies Objectives Business Value, ROI, Budget, Resources, Projects Duration, Complexity, Prioritization Risks, Strategic Prioritization Questions alignment,•Which projects are the highest priority? Outcomes•Which projects help us meet ourstrategic initiatives?•How many projects fit within ourfinancial and resource capacity?
Project Prioritization Process Rank and Approve Analyze the Portfolio Prioritize PortfolioInputs: Inputs: Inputs:•Score Projects •Assess capacity ($, resources) •Executives need tobased on against ranked list of projects formally approveweighted •Review initial rankings and debate Project Portfolioprioritization them •Revise as necessarycriteria •Determine the validity of data •Publish and •Map projects to strategic initiatives communicateOutputs:•Rank list of Outputs: Outputs:projects •Project portfolio recommendation •Approved project •Overall timeline/ interdependencies portfolio •Investment type percentages •Projects mapped to strategic initiatives
Step 1 - Ranking CriteriaBusiness Value (1-10): Probability of Success (1-10):•Alignment to strategic •Complexityinitiatives •Effort•Tangible Benefits •Resource availability -Increase revenue •Interdependencies - ROI •Business risk - Increase market share •External influences - First to market •Experience level•Customer satisfaction •Post product support•Regulatory•Innovation
Scoring FrameworkHow to increase Must do projectsbusiness valueWhy are these so low? How to increase probability of success?
Step 3 - Project PortfolioRight mix of projects?• Right projects based on a review of business value and probability of success?• Right mix of projects based on investment types?• Right mix of project based on the market place?• Right mix of projects based on alignment to business objectives?• Adequate resources to support the project portfolio?
We picked them now what? Projects•Need a Project Management Process that is repeatable that usesthe same methodology every time and every time we improve theprocess (plug-n-play product development)•Need metrics to make sure we are tracking the projectsRebalance the portfolio at defined intervals:•Mid course corrections? - All projects need Go/No Go milestones•Are our targets still correct? - If not why?•Do the budgets still fall within the financial and resourcecapacity?•How can we help ensure success? - Communication (if it needs to happen document it), clearpriorities, leadership