Project Prioritization: Know Which Projects Are Right for Your Organization

Overview:

• What is project prioritization?
• Why do you need it?
• Advantages of Proggio’s Project Prioritization Module
• Conclusion

What is project prioritization? 

Project prioritization is the process in which multiple projects are evaluated on their worthiness based on their weighted business drivers. It requires data collections, reviews, and a decision-making process that may oftentimes be reconsidered and reevaluated. It helps PMOs and project leaders know which projects will help them achieve their company goals and to clarify what will be required to see the projects through from start to finish. When projects are prioritized well, they have an increased chance of being successfully completed and making an overall positive impact.

Why does your organization need project prioritization?

In any company, there are many project ideas. Some are a result of customer requests, some are product-related, some operational, and some are targeted to improve the company infrastructure. Special management requests and lengthy project timeline makes it even harder to focus on the right projects. So, when organizations have a standardized project prioritization set in place, it helps them clarify which projects are the ones that if executed are aligned with the organization’s business goals. Only then they can focus their efforts with accuracy, making their allocated resources, finances, and productivity supremely optimized. 

Hence, the project prioritization helps the company and the project teams know where to invest their focus to make the biggest impact on reaching company goals, while simultaneously avoiding the common pitfalls, like toxic internal escalations and poor investments in less pivotal projects.  

Using Proggio’s Project Prioritization Module

There are 4 basic steps involved in setting up project prioritization in Proggio:

Step 1: Define the organization’s business drivers and their weights.

Step 2: Define impact statements and grades for each business driver.

Step 3: Select impact statement values for each business driver to rate each project.

Step 4: Organize the projects in the portfolio based on rank.

Once you have set up how your organization will prioritize projects, you can begin to implement it and focus on what really matters.

Advantages of Proggio’s Project Prioritization Module

Once setup is complete, you will instantly be able to evaluate multiple projects from a clear high-level view (as seen in the image above) and know which projects are worthy of investment without a second thought. In addition, you will gain:

1. Prioritization and execution in one solution — Proggio’s project prioritization further demonstrates our commitment to seeing that organizations can do it all, including prioritization, project execution, and project workflows effortlessly and easily, in one place. Not only are you able to prioritize projects based on their business drivers in one solution, where all of the data is connected, it is also clearly reflected on a singular timeline.
2. Set standardized project process — By following the prioritization process, your organization gains a measurable way to rank projects and can create a common ground comparing projects from different domains.
3. Prioritization clarity — The rules and the business drivers are agreed and clear to all, and managers reach a common ground to discuss project ranking in the context of their business needs.
4. Prioritization with confidence — Always know that you are prioritizing the right project over another with complete certainty, and which projects prove to be worthy of investment in time, money, and resources,
5. Customizable towards company goals — Proggio’s prioritization module is highly customizable and allows your organization to define its own business drivers and their impact statements. 

It’s important to note that only Workspace Admins have access to configure the business drivers.

The Bottom Line: Set a project prioritization process and start focusing on the right projects. 

Naturally, it is very hard to prioritize projects without a process in place and as a result, the organization may waste valuable time, money, and efforts investing in the wrong projects. Using the right project prioritization can help your organization deliver and reach company goals with the utmost efficiency.

With Proggio you have the ability to prioritize projects according to their impact on business in one solution, where all of the data is connected.

To learn how to set up your project prioritization, click here.

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