How to prioritize projects and improve project success rates
A common part of project management these days is to use a project management software to supervize your projects. Using a software helps to keep things in order, the real strength of project management comes from project prioritization. In this blog, we will look at ways to help many organizations prioritize their projects and deliver on time.
As managers, you are expected to be delivering a project within the given time frame. And you also have to keep the client happy. While this may sound like a simple task, it is not. There are so many factors to take into consideration that can seem impossible to deliver.
This blog focuses on the following:
- Why should we prioritise projects
- How prioritizing projects improves success rates
- How to Prioritize Your Projects
- Steps involved in prioritizing
- Assessing Project Value
- The right tools for Project Prioritizations
It can be hard for managers to identify the best project to get to when there are so many balls to juggle around. Project prioritization helps you and your team to set clear goals for what must be done and set clear deadlines. Now let us go back to the main question, "Why should we prioritize our projects?"
Why should We Prioritize Our Projects?
All organizations that manage projects must determine which type of work is most important and therefore prioritize.
Some projects can be small and easy to manage, some of them can be huge and complicated. And, of course, there are some projects that can be both. So, how can we prioritise them? How can we choose which one to do first?
You should know that there is no one-size-fits-all approach to project management. The way you manage your projects depends on how much time you have and how complex the project is. But, if you want to choose the project that you should start with, you need to understand its size. To do that, you should use a measurement called project effort, which will help you to decide which one to start with and which one to leave for later.
How prioritizing projects improves project management success rates
Prioritizing projects helps to improve success rates as it allows for a better focus on the most important tasks. It also allows for a better allocation of resources and time, which can make a big difference to the outcome of a project. Prioritizing projects can also help to avoid conflicts and delays, as well as ensuring that the most important objectives are met.
Projects that are properly prioritised are more likely to be completed on time and within budget. They are also more likely to meet the objectives that have been set. In addition, prioritising projects can help to improve communication and coordination between team members.
Prioritising projects can be a difficult task, but it is important to consider all of the factors that will affect the success of a project.
For example; The PMI Pulse of Profession Report 2017 showed that the top organizations had much higher Project Efficacy Rates than most other organisations. The highest performing companies provide 7.5 times as many projects as the lowest performing.This is a huge difference. The key thing these organisations do differently than "the rest" is their real focus on strategic management of portfolios, ensuring project alignment with strategic priorities. Therefore, if the project is delivered you have to prioritize the work.
How do One prioritises Projects - Project Management Success?
The first step is to identify the most important objectives. Once these have been identified, the next step is to create a timeline and budget. The final step is to align resources and time to each task.
There are a few different ways that you can prioritise your projects. One way is to prioritise by due date. This means that you will work on the project that is due first, and then move on to the next project. Another way is to prioritise by importance. This means that you will work on the project that is most important to you, and then move on to the next one. Finally, you can prioritise by difficulty. This means that you will work on the project that is most difficult for you, and then move on to the next one.
No matter which method you choose, it is important to make sure that you are prioritising your projects in a way that makes sense for you. If you have a lot of projects due at the same time, it may make more sense to prioritise by due date. However, if you have a project that is very important to you, it may make more sense to prioritise by importance. Ultimately, it is up to you to decide how to prioritise your projects.
Prioritisation Is About Focus
Project priority includes the allocation and timing of assignment of the resources. It provides an efficient way to manage resources and leverage company resources. Higher priorities require best resources available to complete on time and at quality.
Resources involved in multiple projects should know where the best place to concentrate is. When competing demands force individuals to decide where to spend their time, the relative priority must be clearly visible and this will help reduce time spent on less important activities. Now let us look at the strategic project prioritization process.
Steps involved in Project Prioritization Process
Before we dive into the steps, it is worth mentioning that there isn't a one size fits all approach to prioritization process. Different projects will have different importance and sometimes you have no choice but to do something straight away. That doesn't stop us from trying to make it a little easier.
1. The first step to prioritising projects is to understand your business needs.
This means understanding what your company is trying to achieve, and what success looks like. Once you have a clear understanding of your business needs, you can start to prioritise projects. One way is to prioritise projects based on their alignment with your business needs. This means that you would prioritise projects that are most likely to help you achieve your business goals. Another way to approach project prioritisation is to prioritise projects based on their potential impact. This means focusing on important projects that have the potential to make the biggest positive impact on your company.
2. The second step is to understand your ROI(Return on investment) for every project.
The second step in project prioritization process is to understand your ROI. Your ROI is the amount of money you'll make from a project divided by the amount of money you spend on it. So, if you're looking at two projects and one has a ROI of 10% and the other has a ROI of 5%, you'll want to prioritize the project with the higher ROI because it returns more money and it is a good investment. You can use ROI to compare projects of different sizes and scope, and it's a good way to make sure you're getting the most bang for your buck.
3. The third step is to create milestones.
The third step in prioritising projects is to create a project backlog/milestones. This is a list of all the tasks that need to be completed in order to finish the project. By creating a milestone, you can ensure that all the tasks are completed in the order of priority.
4. The fourth step is the hardest, which is to decide which project goes first.
In order to do this, you need to take into account a variety of factors, such as the importance of the project, the timeline, the resources required, and the risks involved. Once you have all of this information, you can start to prioritise the projects. The most important factor is the impact of the project. If the project is going to have a big impact on the company, then it should be given a higher priority. If it is a small project, then it can be given a lower priority. The timeline is also important. If the project has a tight deadline, then it will need to be given a higher priority. If the project can be completed at any time, then it can be given a lower priority. The resources required is another factor to consider. If the project requires a lot of resources, then it will need to be given a higher priority. If the project only requires a few resources, then it can be given a lower priority. The risks involved is the last factor to consider. If the project is risky, then it will need to be given a higher priority. If the project is not risky, then it can be given a lower priority.
5. The fifth and last step is to revise your backlog in six months time.
This is important to ensure that the backlog always represent the latest state of the project. By revising the backlog, you can ensure that the project stays on track and deliverables are met. If there are any changes to the project, then the backlog should be updated to reflect this. For example, if the scope of the project changes, then the backlog should be updated to reflect the new scope. This is important to ensure that the project is always on track.
Note: If you can follow these steps when prioritising projects, you will be able to do so in any business.
Assessing Project Value
Assessing project value is crucial at the initial stage of the portfolio lifecycle (defining portfolio value) through a work intake process. All projects contain intrinsic value, and that value varies with other project based value.
Once you know what the project is trying to achieve, you can begin to weigh the benefits and costs of the project. The benefits might include things like increased sales, reduced costs, or improved efficiency. The budget costs might include the price of materials, the price of labor, or the opportunity cost of resources. By understanding the benefits and costs of a project, you can start to prioritize projects.
Some projects might have a large benefit but a small cost, making them a high priority. Other projects might have a large cost but a small benefit, making them a low priority. And still other projects might have a large benefit and a large cost, making them a medium priority. By understanding the benefits and costs of a project, you can start to prioritize projects.
Another method is to use a cost-benefit analysis. These are tools that helps you to compare the benefits and financial costs of different projects. Another common method is to use a weighting system. This is where you assign a certain weight to each project criteria, such as benefits, financial costs, risks, and so on. By using a weighting system, you can start to prioritize projects. There are many different ways to assess the value of a project including the net present value. By understanding the benefits and costs of a project, you can start to prioritize projects and gain momentum in net present value.
Learn to say "No" to projects
Let me tell you my opinion. In reality these two little letters will affect how much your job can be accomplished by the project managers. Even if it sounds strange, yes, any requests create a recipe for risk. It can lead the teams to the floor and cause the clients to fume over missed deadlines and substandard performance. Although saying no could cause you to engage in difficult talks, it helps protect your ability to perform the projects of importance. You have a chance of turning down customers.
The right tool for Project Prioritization
If you have ever had to organize several projects at the same time, you will know how difficult it can get sometimes. It's difficult to keep up with everything, and even harder to know where to start. But there's hope!
Team project management has never been easier with Skhokho. All aspects of a project can be managed in one place, including milestones, tasks, meetings, documents, and notes.
Skhokho Project Management App allows you to create:
Manage your teams: Assign your team effective and consistent work and responsibility delegation.
Manage your deliverables: To ensure that you never finish on time, centralize your project management tasks.
This software also allows you to:
- Project milestones: Milestones are significant deliverables or stages of a project. Using this method, project teams are able to set more manageable, cohesive goals for their projects.
- Project tasks: For the team, Skhokho displays a project work board that is simple to understand. As a result, the task-assignment authority of the team leaders and project managers is now available.
- Project meetings: Most organizations spend 20 percent of their time in meetings, communicating, aligning, and making decisions. In most cases, these points are not well documented or recorded. Skhokho allows teams to prepare minutes of meetings as they happen and email directly to all attendees.
Project documentation: For every project, Skhokho allows managers to document everything that was discussed in project meetings.
Manage your Project Milestones
Classify doable parts of your project. An important project objectives or stage may be represented by a milestone. This enables project teams to collaborate toward more attainable targets that all contribute to achieving the project's goal. Check out Skhokho for more information on project milestones.
Take a look at Skhokho Project Management App and start your free trial today: https://skhokho.io/authentication/register