1) The project priorities are deliverables, task, cost, Meetings, people management, milestones, and schedules. So whatever is base lined in project plan that is project priority.
The priorities determine the sequences of activities that must be carried out in order to offer maximum value to the project at all times, given the constraints we face.
The people who are responsible for setting up the priorities are stakeholders and change request board. The priorities should also be aligned with the requirements of the stakeholders and as the project progresses the client comes with new change request also which the BA also has to give priority.
Priorities are aligned as per the project requirements through process of monitoring, controlling and escalation.
To prioritise the requirements successfully needs are to get :
- Focused: It is important to be focussed on the priorities assigned as if the mind gets distracted it will send the project on toss.
- Disciplined: It is important to be disciplined in work to keep everything organised. It is disciplined on remembering that we have our priorities too.
- Set Boundaries: We have to maintain the boundaries around so that no one can come and disturb the priorities and resent their own project priorities.
- Delegate: Delegation also helps us in getting the work done speedily without compromising on the priorities.
If we are able to evaluate the priorities of the project well it will help in generating value to the organisation.
- Increased project success rate. Well analysed prioritisation increases the project success rate.
- Return on investment (ROI)If the requirements are properly analysed they result in enhanced revenue to the companies. They prove more valuable to companies in terms of revenues and goodwill.
- Duplicate and redundant requirements removal.A structured prioritization technique will ensure that only well-aligned requirements will be approved and duplicate and redundant ones will be identified in advance.
- Resource allocation. A structured prioritization technique will allow the proper allocation of resources according to their skills. Resources can therefore be allocated more effectively and efficiently.
Here are some of the most used techniques used to set project priorities.
The MoSCoW method is a priority-setting technique employed in multiple management fields to achieve consensus on what is most important to stakeholders and customers.
The requirements are thus classified as:
M stands for Must have, requirements necessary for the completion of the project.
S stands for Should have, requirements that are important but not essential.
C stands for Could have, requirements that just improve the experience but are not critical to the operation and functionality of the product.
W stands for Won’t be, requirements that are not important and will be left out.
The SMART method is also a priority-setting technique to achieve requirements which are most important to stakeholders and customers.
The idea is that every requirement must adhere to the SMART criteria to be effective. Therefore, when planning a project’s priorities, each one should be:
- Specific: In order for a requirement to be effective, it needs to be specific.
- Measurable: Making the requirements measurable makes it easier to track the progress.
- Attainable: The requirement should be realistic, based on available resources and existing constraints
- Relevant: The requirement should align with other business objectives to be considered worthwhile
- Time-bound: The goal must have a deadline or defined end
- Financial analysis
Initiatives and projects are often carried out with the specific objective of increasing revenue or reducing costs.
For these situations, a financial analysis is required and, for those with the best results, priority will be assigned.
The 4 types of financial objectives that can be addressed are:
- New revenues that should be generated;
- Incremental revenues, i.e. additional revenues from existing customers who now can purchase an upgrade or additional services;
- Revenue withheld, i.e. revenue not lost due to the reduction of the customer’s withdrawal quota;
- Cost savings, i.e. any type of operational efficiency that is achieved within the company.
These targets can be estimated over a given period of time, thus providing an overview of the revenue and/or cost reductions they will be generating.
Periodically Review Priorities
Keep the matrix up to date. If the project changes or re-evaluated the priorities to ensure they remain appropriate. Revisit the priorities following business reorganizations and during project reviews. If the priorities shift, revalidate them and update the project documentation.
Let’s explain with the help of an example.
The project is initiated to add extended requirement of lead generation process in CRM. Here the lead will be generated by RM and then assigned to sales executive. We have to add this functionality to the existing CRM.
Here the priority is to develop the system where the RM will generate the lead and assign that to sales executive (priority 1). Sales executive can also edit the lead (priority 2). RM can also generate the report to check the lead progress (priority 3). Management can also check the reports on the lead status and accordingly evaluate the change if required (priority 4).
The prioritisation can be done through MOSCOW technique.
In the existing version of CRM there is no provision of capturing leads. It was completely manual. The RM used to pass on the leads to the sales executive and then he used to close the lead.
In this process there was no proper tracking of lead whether it has been worked upon or not.
And because of this clients are moving to other banks.
The priority is to add the new functionality in existing CRM system where the RMs can initiate leads through CRM and assign to them as per product.
This function will reduce the turnaround time of leads and stop wastage of leads. This will result in revenue generation for Bank, helps in client retention and increases product holding