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Unless there are legal, security or compliance requirements, financial indicators are the most used to prioritize projects
prioritizing a project is a part of project portfolio management (PPM or PfM). There is a standard and a certification for this by PMI. And yes, often PMOs are tasked to support PPM, even own PPM tools.
Before you prioritize, you have to define selection criteria, which often are based on
1. financial returns of a project, e.g. ROI
2. relevance of the project to fulfill compliance requirements
3. project necessary to get to a strategic goal
4. required resources/capability available
5. overall risk assessment
You can then evaluate all new and running projects along these criteria and create a simple spreadsheet to find a value per project.
I agree with Thomas. He mentioned some criteria.
for No.4. Required resources/ capability available
its any best calculation/ formula to count resources capability & capacity, especially for Matrix project organization?
have not seen a simple process.
When you create a prioritised list based on the other criteria (which all come from your list of potential work), the last criteria should be resources. You will select projects from this list top-down for a scenario 0, but will see that you should exchange projects in it with lower priority projects, creating scenarios 1,2,3 etc. And you will see which scenario of projects has a good fit to your capabilities and which has less fit. All will have problems, but there should be one you can agree to.
As a (real) example, we prioritised 30 projects and found out that none supports the HR department. On the other hand, we have excellent capabilities in HR, so if we select scenario 0, those would be idle (and certainly vanish). Or, another, from the 30 projects, 25 required input from Finance and they concluded they could not commit this.
You see, resource criteria is not about cost but of feasibility of implementation. In any case, you would rely on external people, but also this is limited.
Two very common ways to do this are to:
a) Create a short list of your organization's strategic priorities and rank each project against each priority to provide an overall score.
b) Multi-vote on each project such as representatives for key stakeholders each select 4 projects as their top choices. The projects are ranked by the number of votes.
Don't treat either score as absolute however. They are merely guides to roughly sort the projects. From there, major stakeholders may adjust the priorities based on other subjective criteria.
there is any tools? to make more quantitative
maybe you can share to me
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