Each organization and individual takes a unique approach towards prioritizing projects, so it becomes a challenging process to complete a project priority list for management because one project maybe priority for one, but low priority for another.
Helpful Steps of Prioritizing Projects
- Clear Objective: Do you have a set of goals you want to achieve, mission statement, purpose, or state of being?
- Resources Available: Do you have enough resources to complete each task, which includes: time and money?
- Requirements Listed & Ranked: Determine what requirements of this project are and rank each item as:
- HIGH (Must Have)
- MEDIUM (Would be Beneficial)
- LOW (Bells & Whistles).
- Impact on the Organization: Make a list of what the impacts would have on the organization if the project was implemented and if the project did not proceed.
- Estimate the Cost/Difficulty: It is helpful to estimate each feature of the project and the associated cost and level of difficult to implement would be.
- Assign Weight & Sort List: Assign a weight scale, for example: 1-5, 1-High) to 5-Low and sort list to determine the priority ranking
Project Prioritizing Tool: CAVER
I recently learned about a helpful project ranking tool in a project management class, so I wanted to share it with each of you. It’s called “CARVER” and it is an acronym used by the military for target selection, but can be also used in project management to help prioritize your projects.
- C: Criticality: Level of importance with respect towards meeting the main goals of the project
- A: Accessibility: Are you able to start this project immediately or are their prerequisites?
- R: Return: What is the return the organization is going to receive from this project?
- V: Vulnerability: How many resources will be needed for this project and what risks it will have on your project?
- E: Effect: If the project is completed, what impact will it have on the organization?
- R: Recognizability: Is your project clear, concise, and well-defined that you can recognize the steps necessary to complete the project?
Then, write down the name of each of your projects and rank them 1-5 in regards to each of these CAVER categories. Add the scores up, sort your results, and you should have a better project priority list to provide to upper management.
What tips do you have that have helped you when prioritizing projects?