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How to evaluate and prioritize projects
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Executives on a Project Investment Committee (PIC - or whatever you call it) don’t have much time yet are evaluating the allocation of, often, (hundreds of) millions of dollars. So they need to get it right - but the evaluation process is so often flawed. This Guide equips the PIC to objectively assess the critical elements of a project proposal so that only worthwhile, relevant and valuable projects are approved. This may sound obvious, but most portfolios are populated with projects some of which should never have been approved. Equally applicable to all levels of project approval committees, this Guide ensures consistent and informed decision making at the top. |
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$49.95
(excluding tax)
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For those evaluating and prioritizing projects or supporting such a process.
This Guide ensures
- everyone knows what information is required at the PIC level
- ensures the information being presented is reliable and validated
- that the bases of decisions are transparent and understandable
- that poor projects are identified and culled regardless of who put them up for approval
When you improve your project evaluation and prioritization process it leads to better quality submissions as the ‘rules’ are understood and observed.
Project approval and prioritization is not a one-time decision but needs to be continuously tracked and revisited if the circumstances change to ensure that the monies invested are invested in the right projects and are not being wasted on irrelevant or doomed projects.
The PIC needs to know how (and when) to stop projects as well as how to approve them.
If you want to ‘do the right projects’ - this Guide provides a simple process for ensuring you select the right projects and that they are set up for success. This last point is critical as approving projects set up to fail is all too common.
How to evaluate and prioritize projects
- Understanding the project evaluation process
- Understanding the project proposal submission/approval process
- How to establish the approval/prioritization pre-requisites
- How to evaluate PIC submissions
- Understanding when to reject proposals
- How to allocate and control funding (and other resources)
- How to re-evaluate projects whose scope, costs or value has changed
- How (and when) to stop funding a project
- Project team - to inform you as to the process for business case approval
- Governance team - to to enable you to know how your project proposal will be evaluated and prioritized
- PPMO - to enable you to effectively support the Project Investment Committee prioritization process
- Project Investment Committee - to guide you through the evaluation and prioritization process
- Board - to understand the objective prioritization process
- Audit - to understand and verify the integrity of the project approval and prioritization process
- Provides a proven approach to effective project evaluation, approval and prioritization
- Simplifies the prioritization process for the senior executive team
- Provides insight into the areas that can cause value to be lost, missed or destroyed
- Enables you to prioritize and de-prioritize projects on a common objective basis to realize the optimum results across your portfolio of projects
- Covers all of the relevant areas of the Governance standards
- Enables you to monitor the make up and effectiveness of your project portfolio
- Enforces a high standard on all business cases and investment committee submissions
The dimensions of value loss
