Project Prioritization Matrix

Use the Project Prioritization Matrix form to prioritize the best projects. The Project Prioritization Matrix evaluates potential projects against weighted criteria.

Engage 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.

The Project Prioritization Matrix answers the following questions.
  • What effects do proposed projects have on company metrics such as, cash flow, cycle time, cost savings, inventory turns, capacity, environmental benefits, and customer satisfaction?
  • Which projects yield high benefits and are easy to complete?
  • Are project priorities dependent on the weighting of the company metrics?

How-to

  1. Develop a list of all project selection criteria you want to improve. For example, consider 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. Usually, a scale of 1 to 10 is used to weight the selection criteria. For example, you may set cash flow to 9 and capacity to 2.
  5. With your team, determine the score for each project relative to each selection criteria. Usually, 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, then examine the graphs.

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.

For more information, go to Add and complete a form.

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