Portfolio – Project Selection and Prioritisation
As Portfolio / Program Manager, you will have lot of projects in your project backlog. As an effective Portfolio/Program Manager, you should prioritise the right project and select it for further planning and execution.
You need to prioritise projects by scoring/ranking projects on different prioritisation criteria. Some of prioritisation criterias that I recommend portfolio/program managers to prioritise projects are listed below :
- Strategic Alignment – You need to see if your projects is aligned to your organisation/department strategic goals and score it accordingly
- Financial Criteria – You need to see your projects ROI , Savings and Cost vs Benefit. Based on this , you can score the projects
- Risk Criteria – You need to also check how much risk is involved.
You can give different weightage and score for each of the above criteria and then prioritise your projects based on final scores.
This exercise will help convert your project list to prioritised project list. You can start planning and executing projects based on projects ranking in prioritised project list
Also, it is important to revisit the prioritised project backlog on monthly or quarterly basis to make sure you are working right projects which are high value to your organisation at that point of time
Author : Santosh Kumar Singh – Program & Product Management Professional