Project Prioritization Challenges & Best Practices Webinar | Tutorial for Project Managers & Leaders
In this tutorial, Molly Yanus, Founder and CEO at Echolocity, a work management solutions firm, discusses the importance of project prioritization in optimizing outcomes, reducing risks, and driving strategic success.
Key challenges include:
aligning projects with corporate strategy,
accurately scoring portfolio value,
scenario planning, and
saying no to some projects.
Emphasis on the need for clear organizational objectives and the impact of not prioritizing projects effectively, such as wasted resources and increased project failure rates.
Setting Strategic Goals:
Importance of having strategic goals and corporate vision, differentiating between strategic planning (3-5 years) and annual planning. 9:03
Involving stakeholders and defining success to align projects with long-term strategy. 10:11
Project Prioritization Criteria:
Criteria include impact on strategic goals, risk assessment, resource availability, project dependencies, time sensitivity, and stakeholder value. 10:54
Prioritization Methods:
Various methods discussed include the Eisenhower Matrix, Moscow Method, Value vs. Effort Matrix, Weighted Scoring Model, and Cost of Delay. 30:48
Saying No to Projects:
Importance of saying no with confidence and transparency, documenting decisions to avoid repeated discussions, and offering alternatives when possible. 35:39
Continuous Prioritization Process:
Advocated for a dynamic and continuous prioritization process rather than a once-a-year or quarterly approach. 38:53
Use Cases:
Examples of project prioritization in different organizational contexts, including a multinational corporation using a weighted scoring model and a smaller organization balancing growth initiatives with limited budget. 44:05
Tools and Solutions:
Mention of various tools like Microsoft Smartsheet, STR align, and others to help with project prioritization and work management. 50:38
Conclusion:
Molly emphasized the importance of strategic alignment, addressing burnout, and ensuring that limited resources are invested in the right projects. 55:03
➡️About Echo Consulting DBA Echolocity
We are a certified women owned small business implementing project management and work automation solutions for growing teams. From dashboard building, wrofklow automation and process improvement, and even an extra set of hands for support or project managing a critical transformation efforts, our expert consultants partner and guide teams towards a more transparent and accountable way of working.
➡️Resources for You:
Our Website - https://echolocity.com/
Meet with Us - https://www.echolocity.com/schedule-m...
Our LinkedIn - / echo-consulting-pm
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