Scoring a project is the fastest way to differentiate the high-value projects from those of lesser importance. Unfortunately, few organizations actually score their projects, and in a recent Innotas report, organizations stated that prioritization was the second biggest challenge they were facing. In a post for PM Hut, Lindsey Marymont elaborates on how an organization can begin to score their projects.
Points for Prioritizing
The good ole reliable first-in, first-out method for project selection is not going to work in an environment wanting innovation. An organization that desires project scoring needs to find a better way than this. Granted, it may be arduous to implement a successful scoring method in an organization that has not had one historically. The organization might meet adversity and have to convince their team to commit. People become deeply rooted in the norm, and change is something that is difficult to smoothly implement.
You should not base project scoring solely on financial returns. This will not take into consideration any costs that needed addressed in the beginning. The best project score should take into account five factors:
- Business alignment
- Impact on process
- Technical support
Agreeing upon criteria is difficult for an organization, but it needs to happen if the organization wants to be successful. Criteria will help the organization determine what is most important to them. Scoring does not have to be fancy from the beginning. Once the scoring has been established for a while, it will be a better time to make it more complex and ultimately work better for you. In the interim, scoring might work like this:
For many organizations, the agreed upon criteria are all important and serve essentially as checkboxes – a yes or no. If 4 or 5 boxes are checked for any given project, it is put in the “high” category. Those with 2-3 count as “medium,” and so on. However, that assumes that each of the criterion are equally important, which is not always (more accurately rarely) the case. To account for that, you can rank the criteria and multiply that by the point it receives.
This sort of prioritization will lead to a better return on investment in the long run.
You can read the original post here: http://www.pmhut.com/getting-started-with-project-scoring