Project Management Top Seven Tips To keep in Mind when Prioritizing Projects

When an organization has 100s of potential projects and a limited budget it is essential that these projects go through a managed process in which priority is given to the projects that will generate the best rewards for the business.

It is important for an organization to prioritize as it will ensure that they are being effective and efficient.

The method by which you prioritize these projects is important to ensure that the right projects are filtered. I have combined a list of tips to consider during the prioritization process.

1. Return on Investment: What will the organization gain from this project? This should be one of the first questions to be answered. With the tough times being experienced at the moment this is more important than ever. Comparing the cost of the project to the end benefit of that project is one of the most important aspects when it comes to the prioritization process.

2. Supported: Since the projects are going to be completed by people, it is essential to get their approval on projects so that they fully support the project and are willing to put the effort into them.

3. More the merrier: As much as you would like to make the decision on your own without having to get others involved, this situation would not be the ideal one. It is advisable to get others involved in the prioritization process as they may see some details that may have missed out on your evaluation.

4. Never underestimate: Just because a project doesn’t hold that many risks doesn’t necessarily mean that it’s the “perfect” project to go with.

A project with few risks may actually have a small ROI and have some hidden risks that will surface later in the project. Additionally, a project deemed risky may actually deliver the greatest ROI.

5. Procedure: Treat all projects the same at the prioritization stages by scoring them against common data. This ensures that all projects get treated the same and don’t receive any special treatment.

6. Resources: Do you have the resources available? It is important to remember the finer details such as resources when you are prioritizing projects.

It can be easy to approve a project and then find yourself in the situation where the project can’t advance as the necessary resources aren’t available due to lack of expertise or time.

You need to consider the possibility of up skilling your staff or hiring external staff in order for them to be able to complete a particular project.

7. Organization: Every organization has goals and objectives that they want to reach therefore they should be kept in mind when prioritizing projects.

It wouldn’t be ideal to just look at the project from a ROI point of view it is advisable to keep in mind the long term benefit the project could generate for the organization.

Although these points within project management are all important the individual should use their initiative also. It is very easy to just stick to a process and not look at the bigger picture.