At all times, it is important to have a set of relevant priorities or variables that impact the projects at hand. Project priorities are factors that impact execution and expected results from any work that organizations get into. Organizations are able to use their resources and workforce on more important and high-revenue projects if they get project prioritization right. Project prioritization also helps businesses find their ‘True North’ and ensure that the direction they are proceeding is right. Project prioritization ensures strategic alignment between goals and business metrics. Project prioritization (in project and portfolio management) revolves around the theory that a business needs to prioritize projects based on parameters, which can be applied to overarching organizational operations.Ī survey that the Project Management Institute conducted found that project prioritization techniques and methods increase the success rate of projects to 72% from 52%. There is ample reward for getting project prioritization right and a lot of flak in store if you get trapped into handling non-issues and happen to get it wrong.īusinessman, educator, author, and keynote speaker Stephen Covey was spot-on when he said, “The key is not to prioritize what’s on your schedule but to schedule your priorities.” Project prioritization involves taking critical, big-ticket decisions. Of the half-a-dozen projects that a project manager could be handling at a time, how does he/she decide on the order in which these are to be taken up for implementation? Project prioritization is the key skill that businesses need to get right for optimum productivity. A millennial way of emphasizing the importance of a task, a person, or a thing like work-life balance is the phrase’ priorities.’ Priorities matter, but the decisions you make to arrive at your project prioritization list are the real make-or-break factors.
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