As a project manager, you’re constantly faced with multiple requests and projects, each of which seems to be a top priority.
How do you know where to start? Should you concentrate on the quick projects, or tackle the more important ones first?
The answer is neither. A more strategic approach is needed to effectively prioritize your projects and optimize the use of your resources.
In this article, we’ll explore a 6-step method for prioritizing your projects objectively and in line with your company’s objectives.
1. Assess the business value of each project
The first crucial step is to assess how each project contributes to the company’s strategic objectives. Ask yourself the following questions:
- Will this project generate significant revenue?
- Will it enhance our brand image or reputation?
- Will it increase customer satisfaction?
For example, the launch of a new product is likely to have a high business value, as it will directly generate revenue. But a project to optimize internal processes can also be of great value if it reduces costs and improves efficiency over the long term.
And don’t forget projects that reinforce important business relationships. For example, an agency might prioritize a project for a prestigious client, even at a reduced rate, because of the future opportunities it could bring.
To clarify the company’s objectives, organize a brainstorming session with management, asking questions such as:
- What is our mission as an organization?
- What image do we want to project?
- What milestones should we reach in the next 5 years to consider ourselves successful?
Once these objectives have been defined, filter your projects to keep only those that are aligned with them.
2. Assess the urgency of each project
Not all projects are equal in terms of urgency, even though they may all appear to be priorities at first glance. Use the Eisenhower matrix to rank your projects according to importance and urgency:
- Important and urgent: critical projects with an immediate impact on the business (e.g. resolving a major website breakdown).
- Important, but not urgent: long-term strategic projects (e.g. developing new functionalities).
- Urgent but not important: tasks that require immediate attention without adding much value (e.g. most meetings).
- Neither urgent nor important: tasks can be postponed or delegated.
For each project, ask yourself:
- Does this project contribute directly to our business objectives? If so, it’s important.
- Will there be negative consequences if we don’t do it soon? If so, it’s urgent.
Prioritize projects in the « important and urgent » quadrant.
3. Identify dependencies between projects
Map the links and dependencies between your various projects. Do some tasks need to be completed before others can begin? Are there projects that need to run in parallel?
For each project :
- List all tasks and subtasks
- Identify the roles responsible and the stakeholders to be consulted.
- Note the prerequisites and approvals required for each task.
For example, if you want to improve the onboarding process for new employees, you may first need to create training content. This content creation project then becomes a blocking prerequisite for the onboarding project.
Prioritize projects with the fewest dependencies, while planning ahead for those with significant dependencies.
4. Estimate scope, timing and costs
For each project, estimate precisely :
- Scope: list all the necessary tasks, even the obvious ones. For a marketing campaign, for example, don’t forget to include post-campaign results analysis.
- The timetable: base yourself on similar past projects and consult different team members to obtain realistic estimates.
- Costs: take into account the cost of the tools, the hourly rates of the people involved and the estimated duration of the project.
Use a « cost by process » approach by breaking down each stage of the project:
- How long does this step take (in hours)?
- How many times do we have to repeat this step?
- What is the hourly rate for the person doing the work?
Multiply these three factors to obtain the cost of each stage, then add them together to obtain an overall estimate for the project.
A resource management tool like Teambook can greatly facilitate this process, allowing you to visualize your team’s capacity and more accurately estimate project durations.
5. Compare available budget with estimated costs
Make sure that the budget allocated to each project covers the estimated costs. If this isn’t the case, the project may come to a standstill for lack of funding.
Prioritize projects whose financing is fully approved and secured.
Don’t forget that projects often exceed their initial budget. Use a tool like Teambook to track hours worked in real time. This will enable you to quickly detect any overruns and adjust your planning accordingly.
6. Assess your team’s capacity
Does your team have the skills and availability to complete each project on time?
Use a resource management tool like Teambook to view :
- The skills of each team member
- Their availability (including planned vacations)
- Their current workload
For example, with Teambook you can easily see that Alice, your senior designer, is already assigned to two priority projects for the next 3 weeks. It would therefore be risky to assign her a new urgent project in the meantime.
Prioritize the projects that best match your team’s skills and current capacity.
Project prioritization: an ongoing process
To remain efficient in prioritizing your projects :
Set up a standardized project application process.
Create a single form on which all project requests must be submitted. Include questions on :
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- Project description
- Benefits for the company
- The desired deadline
- Stakeholders involved
Track the right data
Use a tool like Teambook to centralize all your project and resource information. This will allow you to :
- Track the time actually spent on each task.
- Compare estimates with realities on the ground.
- Identify bottlenecks in your processes.
Reassess your priorities regularly
Business conditions change rapidly. Schedule regular (monthly or quarterly) check-ins to reassess your priorities based on :
- Evolving corporate objectives
- Changes in resource availability
- New market opportunities and threats
By following these 6 steps and using a suitable resource management tool like Teambook, you’ll be able to prioritize your projects effectively, optimize the use of your resources and achieve your company’s objectives more quickly.
Remember that project prioritization is as much an art as a science. Use these methods as a guide, but don’t hesitate to trust your experience and intuition to make the best decisions for your team and your company.
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