What are the project priorities? Why this is important ? How to handle this

What are the project priorities?

Project priorities is the process of analyzing which project whether new or existing is important and which has to be completed on urgent basis. Business value of the project can be taken into consideration while prioritizing.

To determine the priority of the project following method can be used:

i)High priority: Such projects should be completed within short span of time say within a week .It should be done immediately.

ii)Normal priority: This should be addressed within 3 weeks. These includes projects which are not urgent but important. It can be maked in our schedule of doing it.

iii)Low priority: Such projects would be addressed after 3 weeks. It has ample time (when compared to the high priority and normal priority) to complete it. It could be done now or even after some time as per the prescribed schedule.

In other words, MOSCOW methodology plays an important role for priority setting technique.

*Must Have – Essential requirement that must be included in a project

*Should Have – These requirements are important but does not play a crucial role in it.

*Could Have – These are desirable but issuance is not considered to be necessary.

Why this is important?

Project prioritization makes sure that we correctly allocate resources of the project based on stakeholders needs/objectives.Once we prioritize tasks, a company can allocate the time limit based on the important and urgent projects/tasks which has to completed first.

These are five key elements to know why prioritization is important:

1.Success rate of the project would increase as there would be less errors due to prioritization.

2.Quality of the project delivered would be on higher side as strategies and performances are aligned as per the stakeholders requirements.

3.Obsolete ideas would be removed as only strategical projects would be approved at each stage.

4.Once prioritization is done, it would be easy to allocate resources who will be performing their individual roles which inturn would lead to a greater portfolio scaling up.

5.The projects which are aligned as per the needs of the stake holders would yield better value to the organization.

How to handle project priorities:

1. First we have to make the list of new projects and existing projects in hand.
2. Each task or project must be organised as per the priority analysed.
3. If a project is too lengthy, it can be split into smaller sub categories and multiple people can work on the completion of the same which would help us to complete the project on time as well as gathering unique ideas.
4. We should be able to create meeting agendas to track the growth of the project.In the agendas it can be discussed how to move forward with the project, the strategies required as well as the possible errors, measure to rectify the errors.
5. We should be able to adjust with deadlines of the stakeholders, i.e the project should be designed in such a manner that any change requirement should not effect the delivery date of the project
6. Continuous meeting as well as documentation is required for successful completion.