![]() 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. The upside of this consistent approach is transparent downstream communication, as project managers get clarity on why a certain project was approved or rejected. The right selection helps companies stay on track with their goals.Ĭonsistency 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. Strategic alignment: A project that does not cater to organizational goals, even if executed flawlessly, is a waste of time. 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. Several selection criteria and prioritization methods, discussed later in the article, can be used to weigh projects against each other, based on their returns. Let’s take a look at the benefits that companies stand to gain when these are balanced right.īetter ROI: The fundamental outcome of any project selection process is to increase the ROI. Project selection and prioritization are all about having a game plan that accounts for both capacity and strategy. Benefits of Project Selection and Prioritization 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. This demonstrates how crucial the PPM function is. As per the 2017 PMI report, 37% of project failures are attributed to a lack of clearly defined objectives and discipline when implementing strategy. Selection and prioritization are important elements of project portfolio management (PPM), an approach that connects the execution of projects with high-level business strategy. However, the terms “prioritization” and “selection” are often used interchangeably, as the two processes are intertwined. Prioritization refers to ranking or scoring projects, based on certain criteria, to determine the order of execution. Project selection is the process of evaluating and choosing projects that both align with an organization’s objectives and maximize its performance. 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. Rather, there seems to be a problem of too many ideas, as a long pipeline of proposals wait in queue, competing for attention. Make sure you check it out.There is no lack of project ideas in organizations today. On top of that, in my course SLAY Project Management I go through every project management technique you’ll need for a successful career, including how to use them in both project and non-project settings. Head over to YouTube with me to hear more. So, I created a video to visually show you exactly what a project priority matrix is, how to make one, and what exactly all these terms mean! ![]() If you’ve never created a project priority matrix before, all this lingo might sound a little confusing. immovable.Ī priority matrix is about taking your triple constraints (scope, time, and budget) and deciding which one is a constraint, which one can be optimized, and which one is acceptable. Having a project priority matrix really guides your decision making because it gives you a clear understanding of the #1 constraint you have in your project, so that you know what aspects of your project are flexible vs. Knowing how to make a project priority matrix is an absolute MUST for every project manager!Ī project priority matrix takes the project management triple constraints theory that involves scope, time, and budget, and helps you decide your order of priorities for these three aspects. You cannot be successful in projects if you don’t get your priorities straight. ![]() You may not want to hear this, but it’s the truth: The easy & effective way to create a project priority matrix
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