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. Workspace 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
||Rank potential projects by both their weighted benefits and their relative ease of completion.
||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 ).
This form has no data requirements because you use it only to collect and organize data.
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.
- Develop a list of all project selection criteria you want to improve (for example, savings, cash flow, and cycle time reduction).
- Develop a list of potential projects.
- Enter the projects along the left side of the matrix and the selection criteria across the top.
- 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.
- 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.
- Cross-multiply and sum the products to get the weighted value by project.
- 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. Workspace generates this graph automatically.
For more information, go to Insert and fill out a form.