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

Project prioritization is process to determine the potential and existing projects are the most important and urgent.
This process includes evaluating the criteria which are most relevant to the business and applying them to all of the projects.
There are various factors that determine the priority, including time and money spent, available and needed resources, and company specific needs.

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 stakeholders and as the project progresses the client comes with new change request also which the BA has to give priority.
Project prioritization is the process of determining which potential and existing projects are the most urgent and important.This process involves evaluating the criteria that are most relevant to business and applying them to all of the projects.
You may rank project priority based on potential return on investment(ROI) or on how critical the project is to department.
For example projects related to production infrastructure or web based security may rank highly.

Various organizations find difficult for prioritization because all projects have some degree of urgency and importance. The best srategy is to eastabilish a strategic planning framework so that you can easily incorporate the companies goals and priorities into your prioritization process.

A project prioritization process is very essential for keeping criteria consistent for addressing the specific needs and goals of an organization. Below are the few steps of prioritizing a list of projects:

1. Create a List of Projects: Create a list of potential and existing projects. Consult high ranking executives, department heads, and project leaders to ensure that you accurately access the company’s project needs.

2. Organize Projects by Obvious Priority Level:
In few cases, project priority will be obvious.Prioritizing your projects involves making a list of individual projects and then separating the urgent and important ones.

3. Determine Prioritization Criteria: When priority levels of project are not immediately obvious, determine prioritizaiton criteria based on your companys specific needs and goals.

4. Analyze and Rank Tasks: Apply this prioritization criteria to your projects to determine the urgency and importance of each and to rank them accordingly.

Benefits of Project Prioritization are as follows:

1.Increased Efficiency
2.Improved Organization
3.Increased Success Rate
4.Increased Team Cohesion
5.Improved Buy-In

To carry out requirements of stakeholder requirements should be prioritized in order to execute according to the priority

Techniques for queuing the requirements are as follows:

100 Dollars Test
Top 10 requirements
MoSCoW
Numerical Assignment- very important,mandatory,rather important,not important,does not matter

1. MoSCoW is a prioritization technique used in business analysis and software development to reach a common understanding with stakeholders on importance they place on the
delivery of each requirement- also known as MoSCoW prioritization or MoSCoW analysis.

The MoSCoW method can help. MoSCoW full form is must, should, could and would:
M- Must have requirement to meet the business needs.
S- Should have this requirement if possible, but project success doesnt rely on it.
C- Could have this requirement if it doesnt affect anything else in the project.
W- Stands for would like to have this requirement later, but wont be delivered this time.

2. SMART- 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 projects priorities, each on should be:
1.Specific: In order for requirement to be effective, it needs to be specific.
2.Measurable: Making the requirements measurable makes it easier to track the progress.
3.Attainable: The requirement should be realistic, based on available resources and existing contraints
4.Relevant: The requirement should align with other business objectives to be considered worth while
5.Time-bound: The goal must have a deadline

The project priority is important because it ensures that you correctly allocate company resources based on your unique needs.By prioritizing tasks, a company can minimize
money and time it spends on less urgent and important projects. By prioritizing projects an individual understands the priority of the project and project can be executed on priority basis. The most important project
can be executed on priority basis and less important project can be executed on less priority. Project prioritization helps the companies to execute projects in less time with minimum resources. Hence, project prioritization
is important.