4 Tips To Prioritizing Correctly

Having multiple projects underway simultaneously can be a very profitable state of affairs for a company. It could also be detrimental to business and revenue. Knowing how to properly prioritize projects can make all the difference between benefiting and damaging a companies bottom line.

Check these four tips

1. Return On Your Investment

This typically is most important, the direct comparison between the project cost and the benefits.  Truly consider how this will impact the company and weigh out the benefits with the price.

John Reiling, PMP, program manager, Project Management Training Online, Mendham, New Jersey, USA says”When the economy is improving, the projects that produce the most revenue tend to get more favor. When tough times are coming, the cost side tends to win,”

2. Budget

Can you really afford this?

Nitin Patwardhan, PMP, PgMP, vice president and head of a customer engagement group, Kale Consultants Ltd., Mumbai, India. warns, “If these factors suggest a project has a significant chance of overrunning budget, then a call regarding its prioritization or elimination can be taken,”

3. Human Resources

Do you have the manpower to successfully complete the project?  If not can you afford to hire the necessary staff?

Mr. Reiling has found it to be more cost effective to hire locally saying”The outsourced arena is getting more competitive.”

 

4. Technology

 

Do the technologies being produced in this project have the value to last?  Or will the fade away before you have a chance to finish?

Haroon Malik, PMP, solvency II portfolio manager at Genworth Financial, London, England. says, “I have seen many projects abandoned as the technologies involved have moved on or the market appetite has changed overnight.”

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