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A project prioritization framework defines how project proposals are evaluated and prioritized. Because the goal is to select projects that create maximum value, a key component of the framework is a model for estimating the value to be derived from projects. Most project portfolio management tools do not include models for computing project value. They prioritize projects based on "strategic alignment" or another criterion that doesn't produce value-maximizing project portfolios. To prioritize projects based on value, these tools require project value to be computed externally and entered along with other inputs. Some tools designed for specific industries and specific types of projects include "configurable models." A configurable model may or may not value all of the benefits derived from your projects, and it may or may not take as input the data that you collect or that is available to you. Organizations that first create the framework for valuing their projects can avoid being "burned" from purchasing a tool that can't be configured to properly prioritize their projects. We assist organizations in developing project prioritization frameworks. Click here for a description of these services. |