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It seems to me too much level of approvals. But the key thing here is your defined governance process in place. If you ask me, the business must provide you with all the information about ranking/scoring numbers and criteria. It does not mean that you can help them on that. Projects or initiatives are the way to put strategy into action then they have to clasify and select the initiatives not you as the PMO. So, I can not put here the process to get the final selection of initiatives for the current year but it has no sense because what works for my actual work place governance and strategy process will not work for you.
A scoring model or other prioritization scheme is there to support healthy discussions within your governance committee, not to replace them. You may wish to investigate the use of throughput accounting-driven prioritization rather than conventional scoring models as that will give you better bang for the buck when dealing with constrained resources.
in my last implementation the Board did not vote on singular projects but on 2 or 3 scenarios of selected portfolios. The scenarios were prepared by the PMO based on 5 selection criteria for each project, but then considering also dependencies, resource capabilities, and a certain amount of fairness and leveling out across divisions. The scenarios were published a week ahead and questions were answered.
This way we widely avoided bargaining during the meeting and pet projects. The meeting took only 15-30 minutes, led by the CEO.
Have a deck on slideshare about it.
There may need to be a combination of objective measures such as ROI, and also subjective criteria like whether a project supports long term business strategies. Scoring models are commonly used, but combining different types of criteria into a single number has its own challenges.
One tool I have used that is helpful is a matrix similar to what many call a "risk cube" where each project is ranked on impact vs. benefit. Because there may be many non-measurable factors affecting both measures, there is typically a discussion required to achieve the scores (typically 1 to 3 or 5) rather than a purely mathematical formula. By placing all the projects on the same grid, it is easier to see the overall relative placement, than trying to rate all the projects 1 through N.
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