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Score & Prioritize Your Project Portfolio with Ease

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Implementing a project portfolio scoring and prioritization process is not only easy, but can bring significant benefits, while moving your organization towards strategic alignment with the business. This presentation will cover:

-The pros and cons of common project portfolio scoring and prioritization approaches
-How to get all of your project requests in one place
-The power of visualization tools to simplify prioritization
-Key takeaways and best practices

Published in: Technology
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Score & Prioritize Your Project Portfolio with Ease

  1. 1. Score & Prioritize Your Project Portfolio with Ease
  2. 2. Innotas © All Rights Reserved Agenda  Housekeeping  Importance of Scoring & Prioritization  Scoring & Prioritization Models  Scoring in Practice  Steps To Getting Started With Scoring  Tips & Best Practices  Live Q&A Session
  3. 3. Innotas © All Rights Reserved Housekeeping Items  40 minutes of presentation  15 minutes of Q&A  All lines are on mute  Enter questions into chat box  Event is being recorded  Slides will be shared post presentation 3
  4. 4. Innotas © All Rights Reserved Your Presenters Tushar Patel  SVP of Marketing, Innotas  National Semiconductor, Mocana Kristyn Medeiros, PMP, ITIL  Senior Manager, Innotas  Johnson & Johnson, Sandia National Laboratories
  5. 5. Innotas © All Rights Reserved Quick Survey How does your organization align & prioritize projects?
  6. 6. Innotas © All Rights Reserved Quick Survey No Formal Methodology 17% High, Medium, Low 21% Scoring based on Business Objectives 51% Other 11% How does your organization align & prioritize projects? Source: Innotas Survey, April 2016
  7. 7. Innotas © All Rights Reserved Defining Scoring Scoring is a structured, repeatable process for evaluating projects with the goal of prioritizing your investments and focusing your resources on the work that will make the largest business impact. Scoring should take place periodically and organizations must maintain a continuous process to ensure priorities accurately reflect current business needs. “IT investments need more than ROI to justify them. Firms need broader measures, support processes and governance tools.” – Gartner
  8. 8. Innotas © All Rights Reserved Why is Scoring & Prioritization Important? Current Reality: Most organizations are resource constrained and cannot / should not take on all the work that is proposed
  9. 9. Innotas © All Rights Reserved Why Scoring & Prioritization is Important? The Problem: Demand is increasing. We are being asked to do more with current or less resources
  10. 10. Innotas © All Rights Reserved Why Scoring & Prioritization is Important? The Result: Set yourself up for failure. Risk your reputation and stakeholder’s perception of the PMO.
  11. 11. Innotas © All Rights Reserved When is Scoring Relevant? (Hint: All the Time!)  Portfolio Planning Process o Key initiatives o Which strategic projects will make it into the portfolio for that year  Ad Hoc Project Requests o Thinking critically about how ad hoc project requests impact the organization o Ensure you’re taking on the right work  Resource Management o Capacity and Demand o What-If Scenario Planning o Resource Optimization
  12. 12. Innotas © All Rights Reserved Scoring & Prioritization Models Resource Optimized Value Maximization Maximizing value of enterprise project portfolio based on resource constraints “Right” Projects based on Business Needs at the “Right” Time Weighted Average: Value / Business Objectives Prioritize highest value projects. Ignores resource constraints. “Right” Projects based on Business Needs Range: High, Med, Low 1 to 10 Course prioritization “buckets” or groups High Level Agreement on What’s Important. Subjective. No Scoring No prioritization. Take on everything. “First In, First Out” Business Value & Impact
  13. 13. Innotas © All Rights Reserved Scoring in Practice
  14. 14. Innotas © All Rights Reserved 5 Steps To Getting Started With Scoring Get the team together Decide on the model and whose opinion matters1 Decide on criteria What’s important to the group and get agreement on the criteria Roll it out Share the scoring methodology with all team members who will be submitting requests Create a communication plan and a timeline for rollout 2 3
  15. 15. Innotas © All Rights Reserved 5 Steps To Getting Started With Scoring Get a process in place to support the scoring Either a team meets regularly to review all requests at once and they discuss, giving it one score Or the approval flow can be automated, traveling to individuals to review and score on their own time 5 4 Right-size the scoring profile May need different scoring profiles for different teams / departments or for different types of work (small projects, large projects, maintenance, change requests, etc.)
  16. 16. Innotas © All Rights Reserved Tips and Best Practices For Scoring  Value Should Be Measured By the Output of the Project – Not Just the Management of the Project. o Focus on the desired outcome or goal of your stakeholders  Have both quantitative and qualitative value metrics o Quantitative: Revenue, Cost Reduction / Avoidance, Time To Revenue, Profitability o Qualitative: Strategic Fit, Competitive Differentiation, Business Expansion, Market Penetration, Risk, Customer Satisfaction, Compliance  Continuous Scoring and Prioritization o Always aligned with the latest organizational goals
  17. 17. Innotas © All Rights Reserved Single Point of Entry Consolidated entry point of all requests with complete visibility to all in the organization
  18. 18. Innotas © All Rights Reserved Strategic Alignment with Key Business Objectives Weighted scoring accurately reflects business value and provides more context
  19. 19. Innotas © All Rights Reserved Strategic Alignment with Key Business Objectives Maximizes strategic alignment with business partners Approvers or Key Stakeholders review and score each project
  20. 20. Innotas © All Rights Reserved Visually present project values Justify why you are taking on projects across portfolio Fosters healthy conversation and better decision making Results in resources working on the right work at the right time
  21. 21. Innotas © All Rights Reserved Enterprise level prioritization with visual presentation of data Fosters healthy conversation and better decision making Results in resources working on the right work at the right time
  22. 22. Innotas © All Rights Reserved Live Q&A
  23. 23. Innotas © All Rights Reserved Innotas Company Overview  Cloud portfolio management solutions to improve value contribution by connecting planning & execution  Disruptive technology and a history of market “firsts” – most recently Predictive Portfolio Analysis (PPA)  500+ customers, including proven enterprise-wide deployments in Healthcare, Financial Services, Technology, Government, and Education Project Portfolio Management Effectively manage project requests, resources, budgets and projects Application Portfolio Management Analyze and manage IT tasks needed to sustain existing operations Predictive Portfolio Analysis Predict, plan, and re-plan your highest value portfolio that aligns with business goals Resource Management Productive alignment of IT resource capabilities and availability Four-Time “Leader” “Leader” Cloud-native Multi-tenant “Leader”
  24. 24. Innotas © All Rights Reserved Contact Innotas  Phone: +1 866-692-7362  Email: info@innotas.com  Twitter: @innotas  LinkedIn: http://www.linkedin.com/company/innotas  Blog: blog.innotas.com  Learn More: www.innotas.com/resources

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