For many organizations, the importance of prioritizing the right projects to deliver the most value isn’t always the projects at the top of their lists. However, it’s important to understand whether your organization is planning its portfolio of projects annually, quarterly, or even more frequent – this exercise is important not only to the bottom line value delivery, but to ensure all resources are being maximized. The traditional approach of first-in first-out might not actually deliver on the corporate initiatives that are important.
This whitepaper discusses the importance of prioritizing your portfolio of projects and how to get started with using scoring methodologies to identify those that will ultimately deliver the most and utilize your resources the most efficiently. As many organizations know, the process of identifying and prioritizing projects can often become filled with roadblocks such as policies, unexpected resource or demand changes and more. This isn’t a one size fits all process, but gauging the scoring methodologies that will work best in your organization will only set your PMO up for strategically delivering real business value. Whether you approach prioritization with weighing and valuing different projects based on high, medium or low or put a sophisticated analytical approach, both will be a step in the right direction to prioritizing those projects based on real initiatives or outcome driven value.
With any sort of change, project prioritization processes will often bring out organizational roadblocks. Gain insights into avoiding common roadblocks associated with a formal prioritization process and how to overcome them to deliver successful PMO results. Your go to for this will be data! A project prioritization model that is built accurately will be based on real-time organizational data that should be regularly be reviewed. As PMO leaders know priorities are constantly changing and being able to adapt to those changes to align projects accordingly is important to avoid project failure and not being able to deliver the strategic value a PMO leader is expected to. Balancing the wants and needs of your organization is difficult, but with the right project prioritization processes you are able to achieve important organizational objectives.