Suppose a family in your neighborhood wants to sell their house as quickly as possible. You know the house is a fixer-upper, but it looks like a great opportunity for you to snap it up, make a few improvements, and then turn around and sell it. If you took on this challenge, you would want to manage the work so as to produce the highest-value, remodeled house that you can for the time and resources you can afford to devote the effort. Now, imagine that your fixer-upper venture goes well, you make a profit, and, what's more, you really enjoyed managing all the details.
In order to ensure the achievement of strategic goals and objectives, that organization needs to focus on right projects among the variety.
But how can they do this? How to identify the most preferable Project prioritization criteria for implementation at the given point of time? Finally, how to be sure that the right projects are being performed?
In this article we are going to answer these critical questions. We will focus on definition of the project prioritization process, explain what criteria to use for ranking simultaneous projects, and summarize how to make project portfolios successful.
Prioritization Process In simple terms, the process of prioritizing projects is an activity for defining what projects within a portfolio to perform in what sequence.
It is an attempt to make the project portfolio more effective through identifying the most effective way of implementing the projects.
Project Prioritization Process is a structured and consistent activity that aims to analyze the current operational environment to identify any projects running in parallel within the same portfolio, develop a scoring model including ranking criteria, and apply that model to prioritizing the projects in order to determine the execution order that ensures the highest efficiency of the overall portfolio.
The process serves as a framework for managing the effectiveness of parallel projects. The process of project prioritization is complex and iterative so it can be repeated several times within the same portfolio lifespan.
It is deliverable-oriented meaning that it produces some certain result that is vital for success of further portfolio management.
The process ranks projects within the same operational environment in order to address multi-modal capacity and linkage gaps that may exist between the environmental components. We divide the prioritization process into the following key steps: Collection — you must collect and gather all the data about your projects.
Ranking — you must develop and use a ranking model that includes criteria for prioritizing. Verification — you must approve the ranked projects. In one of our next articles we will describe all the steps in detail.
The key point of this article is to explain how to develop an appropriate raking model that could allow defining right criteria for prioritizing portfolio projects.
Establish Ranking Criteria Below we suggest a list of measures you can use as ranking criteria for prioritizing parallel or portfolio projects.
Please note the list is not full and can be supplemented with more items for example, Safety, Integration, Connectivity, Mobility, Cost-effectiveness, Implementability, etc. In this publication we describe the key criteria only.
If needed you can develop your own criteria when doing your project prioritization process. If the project is able to turn inputs into output consuming fewer resources, then this project appears to be efficient.
Common formula for calculating project efficiency is: As the higher changeability is, as the greater impact the project has to the changing environment.
This means your project is highly adaptable to the changes so the project gains more chances to produce the desired outcome under preset or altering requirements. This item determines how much a project can be led and directed using existing controls. The measure is characterized by:© Board of Regents of the University of Wisconsin System.
Alternatively, a feasibility study for a large project might itself be a project that competes for funding within the project prioritization process. Be aware that, in most cases, PPM forces an increase in the effort spent on analyzing project opportunities.
weights to different project prioritization criteria is a politically sensitive process.
The peers recommended leaving decisions about whether and how to weight criteria to the. Prioritization Aviation Scoring Criteria Summary Report May The Division of Aviation used a combination of quantitative criteria to assess each project based on the role of the airport in the overall aeronautical system as.
B. Project must be consistent with, and list, which specific NFHP criteria (listed below) the project addresses. This minimum benchmark set of Fish Habitat Conservation Project prioritization criteria are intended to ensure.
Stream Restoration Prioritization Criteria The Stream Habitat Program is committed to enhancing and restoring the biology, hydrology, geomorphology, water quality, and connectivity of Minnesota’s streams.