Project Management
June 26, 2023
Project Prioritization Methods
No matter the size of your organization, there will be inevitably come a time when you're faced with more work than can be handled at once. Finding a way to prioritize new and existing project requests can ensure that you're effectively managing your resources and working in a manner consistent with strategic goals.
There are many different methods you can use to prioritize your project - the best one for you will depend on the type of organization you work with. What's important is to use the same criteria in evaluating each project.
Prioritization Matrix
A prioritization matrix is a useful tool that evaluates projects (or tasks) based on a set of defined variables. The variables can be formed by considering what factors may drive a particular task to the top of your to-do list. For example:
What's the impact of this project?
How much time will it require?
How does it align with our strategic goals?
A matrix can range from very simple, such the Eisenhower matrix on the right, to more complex ones taking into account many variables. In all cases, the result is a clear ordered list of projects to take action on.
Scoring Models
In a scoring model, each criterion of a project is evaluated and scored a numeric value, and the resulting total "score" will determine its order of priority. These criteria can also be weighted, which allows for a more complex evaluation model than a prioritization matrix might offer.
Payback Period
The payback period of a project is the time it take to recover the cost of its investment - in investment terms, this is the breakeven point. In a for-profit organization, this may be the determine factor in deciding what project to take on.
