Project prioritization is like rearranging the deckchairs on the Titanic. No matter how much effort you put into the task your project portfolio is going to sink. Rather than prioritize, optimization would turn those deckchairs into lifejackets. In our value-based process we partition, minimize, and optimize. In doing these three things your project portfolio will have a natural prioritization. The major added benefit is your project portfolio will have an exponential increase in value. In addition, customers and stakeholders will also have a huge increase in satisfaction. Project teams will also see higher morale and increase in production as they see their efforts improve the organization’s productivity and effectiveness.
Project portfolio prioritization is a fool’s errand. Prioritization generally happens in meetings where an advocate will present their project or projects with either no constraint or only one constraint such as ROI or customer satisfaction. In many cases the executives will hammer out the prioritization based on their personal agenda and their organizational standing. The major problem with prioritization is the low number of projects or even requirements within projects that can be ranked and rated. This often leads to combining projects and horse-trading with the stakeholder with the most political influence winning. On the other hand the lack of prioritization leads to many other project problems, such as scheduling resources and eliminating or dealing with conflicting priorities.
Minimal prioritization is better than no prioritization, but optimization is a far better technique. Our project portfolio optimization process is a much higher level of prioritization because it uses seven constraints including value, risk, resource capability, goals, cost, and timing in combination. These 7 constraints are coded into each project using role models from our CHAOS Database of 50,000 current projects, customer consensus and our expert knowledge. The key to our process is our professional mediation that reduces political friction and animosity. This frustration reduction helps create the kind of velocity to generate the exponential increase in value over any other current method.
The major advantages of our method are first it replaces burdensome and expensive oversight and governance with streamlined delivery. Second, our method replaces reporting on progress with actual progress. Third, our method replaces promises of results with tangible results. Fourth, our method provides a clear path to innovation. More importantly your project portfolio will be well managed with a major increase in value.
Make your New Year’s resolution to contact The Standish Group and start enjoying the increased innovation and value of your project portfolio. Contact us today by e-mailing Jennifer Lynch to set-up an appointment to talk to a representative.
Have a Happy, Healthy, and Prosperous New Year!