If you are on the committee charged with evaluating the comparative value of multiple projects in your organization, every Project Manager will come before you to compete for available resources and your support.
Do not make the most common mistake uncovered through a project post mortem process after the fact by being influenced by the most compelling speaker. To be successful, you must choose not by the most persuasive spokesperson but by the projects’ overall strategic importance to the company.
Where do you begin the selection process? Here are four simple steps:
1. Success Criteria: Agree upon the criteria you will use for selection to forestall any bias.
2. Must Do’s: Legally required projects should be given top priority.
3. Triage: Current projects that are behind in time or missing expectations should be updated, reevaluated and, perhaps, eliminated.
4. Resources: Consider the availability of resources, project by project. If a project is less expensive and needs fewer people, it might be addressed before others.
A simple and effective way to handle this inventory is by using technology. There are project management tracking programs that can aid your evaluation according to the specific criteria that you set. You can enter the data, approach the decisions objectively, and then publish the group’s recommendations for transparency and knowledge sharing.
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