According to a Project Management Institute survey, 12% of projects from different companies failed during 2020. Among the main reasons are the lack of ability to select what to prioritize and manage resources effectively.
The ability to prioritize projects is crucial to optimally allocate available resources, such as time, money, and personnel. When a company fails to spot the most important projects, it can face resource depletion, as well as a lack of strategic focus or an inability to adapt to market changes.
However, a large number of directors and senior executives are not sure how to select the projects with the greatest impact and relevance for the growth of their companies.
Learning to prioritize is a skill and, like any skill, it can be developed and strengthened by anyone who is willing to learn. Here are some exercises that senior executives can practice, according to the BCG consultancy.
- Establish the prioritization of projects as a conscious process connected to the company’s strategies: the following question can be asked: Does this project help to execute the business strategy or brings the organization closer to its objectives?
- Make it easy: Simplify the choice of initiatives by using broad categories (financial impact, time to value, complexity) to analyze key data and metrics. This approach provides the precision needed to quickly rule out projects that do not support the company’s strategy.