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Deciding on which current and upcoming projects are the most urgent for a business is the process of project prioritisation. The feasibility, impact, and prospective value of a project can be evaluated by portfolio managers using a variety of project prioritisation techniques.
Project Prioritisation: Why Is It Important?
For larger organisations with a diverse portfolio of projects and programmes, project prioritisation is especially crucial. Because of their limited resources, these organisations, like all others, must prioritise possible project ideas while carrying out many initiatives at once.
Project prioritisation is the responsibility of programme managers, portfolio managers, and PMOs. They achieve this by creating project prioritisation criteria that assess the benefits and drawbacks of ongoing and new initiatives, and then base their decision on those criteria.
By enabling portfolio managers to monitor numerous projects in real time with Gantt charts, roadmaps, portfolio dashboards, project calendars, and other tools, Project Manager assists with project prioritisation.
Prioritizing Requirements means the technique for queueing the Requirements for the development process.
It ensures that the project prioritises its essential elements first and that everyone is aware of and in accordance with the project’s most significant elements.
Factors influencing Requirement Prioritizing are –
1. Importance
2. Risk
3. Cost
4. Benefit
5. Time
6. Strategy
Main actors on the basis on whom the Requirement Prioritizing happens are –
1. Customers.
2. Developers.
3. Business Owners.
The following are methods for requirement prioritisation:
1. The “100 Dollar Test” gives each stakeholder $100 to “spend” anyway they see fit on the requirements. The 100-dollar test is a prioritisation strategy in which each member of the group essentially puts their (virtual) money where their role involves placing bids in virtual dollars to signify relative significance to them for each item in a list.
2. Numerical Scale Assignment – This technique assigns priorities on a simple scale from 1 (lowest priority) to 5 (highest priority). The scale is used by stakeholders to rank each criterion. beginning with Required, Extremely Important, Slightly Important, Not Important, Does Not Matter.
3. MoSCoW – One of the most significant and popular methods is this. It involves choosing which project to prioritise involves four steps. Prioritising which project requirements offer the best return on investment (ROI) involves a four-step process. It is utilised to come up with an understanding with the stakeholders over the value they place on each specification.
MoSCoW stands for –
a. M – Must Have this requirement to meet business needs.
b. S – Should Have this requirement if possible but project success does not depend on it.
c. C – Could have this requirement if it does not affect anything else in this Project.
d. W – Would like to have this requirement later, but won’t be delivered this time.
MVP stands for Minimum Viable Product. A minimum viable product has only the fundamental components required for the product to be deployed successfully. It is an abstraction technique in which we focus on what is essential for a product and eliminate what is not. MVP helps us to pay attention to the requirements that are required for the product development and filter the requirements that are not needed in the product.
