Establishing priorities in project management
Prioritization is crucial in project resource management. During a crisis or when resources are limited, it becomes essential for decision-making regarding initiating new projects or revising an existing project portfolio to free up resources. Depending on the specific needs, we can envision different models for managing priorities.
Strategic project alignment model
This model allows for evaluating a project in terms of how well it supports the company’s strategic goals. The more significant the correlation between the project’s goals and the company’s strategic objectives, the higher its value and potential.
Business benefits and risk model
This model helps assess the business benefits a project presents about the risks of project implementation. Using this tool, we can identify projects with low business benefits and high implementation risks that should be prioritized for closer inspection to reduce costs (and optimize the project budget).
Learn task prioritization techniques and methods to help you achieve your career goals.
Project complexity model
This model enables the assessment of a project’s difficulty in terms of implementation. By evaluating the project’s impact on different areas of the organization, we estimate the complexity of the planned change. Using benchmarks, we can preliminarily assess not only the complexity but also the estimated implementation time. This will allow for appropriate resource allocation to projects from the beginning of the implementation process.
To accurately estimate a project, we can use a well-constructed evaluation model. By employing such a tool, we can quickly conduct assessments and, most importantly, do so in a standardized way across all projects. This allows us to compare projects, set priorities, and make informed decisions.
