Used by the leadership team to logically select the optimal projects. It is essentially a C&E matrix of potential projects versus weighted project values based on company metrics that you want to influence. A total value for each project is calculated and plotted against an ease of completion number to determine which projects have the most value for the effort expended.
|When to Use||Purpose|
|Pre-project||Rank potential projects by both their weighted benefits and their relative ease of completion.|
|Pre-project||Reorder the ranking of projects if the weighting of the company’s strategic goals changes (for example, for the next quarter, capacity is critical, so assign a capacity weight of 9 and reduce the weight of all other goals by 2 ).|
No data requirements exist because you only use this tool to collect and organize data.
After a project prioritization matrix is created, you can easily update it by adding new potential projects and changing the weighting of the project values to reflect changes in organizational priorities.