Project Prioritization Matrix

Use the Project Prioritization Matrix form to prioritize and choose the best projects to work on. The Project Prioritization Matrix evaluates potential projects against weighted criteria. desktop app calculates a total value for each project and plots it against an ease of completion number to determine which projects have the most value for the effort expended.

Answers the questions:
  • What effects do proposed projects have on company metrics (for example, cash flow, cycle time, cost savings, inventory turns, capacity, environmental benefits, and customer satisfaction)?
  • Which projects are most attractive from the combined perspective of both the benefits obtained and their ease of completion?
  • What is the effect on project priorities due to a change in the weighting of the company metrics?
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 ).

Data

This form has no data requirements because you use it only to collect and organize data.

Guidelines

After you complete a Project Prioritization Matrix, you can update it by adding new potential projects and changing the weighting of the project values to reflect changes in organizational priorities.

How-to

  1. Develop a list of all project selection criteria you want to improve (for example, savings, cash flow, and cycle time reduction).
  2. Develop a list of potential projects.
  3. Enter the projects along the left side of the matrix and the selection criteria across the top.
  4. Apply a weighting factor to all the selection criteria (for example, cash flow might be critical so you set it to 9 while capacity may not be a current need so you set it to 2). Commonly, a scale of 1 to 10 is used to weight the selection criteria.
  5. Using a team, determine the score for each project relative to each selection criteria. Commonly, a scale of 1 to 10 is used for the scores.
  6. Cross-multiply and sum the products to get the weighted value by project.
  7. Assign an ease-of-completion value for each project and plot each project's ease of completion versus weighted value by project on the two axes of a scatterplot. desktop app generates this graph automatically.

For more information, go to Insert and fill out a form.

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