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5 Proven Strategies For Better Project Prioritization

Team Onstro on February 13, 2024 in Project Management

Key Highlights

  • With project prioritization strategies, your projects are 57% more inclined to succeed.
  • Consider your tasks, master list, peak hours, and ROI for better project prioritization.
  • Onstro allows you to set tasks as priorities and define a workflow to ensure project prioritization.

It is common for managers to struggle with multiple projects. With time being limited, how do you manage such situations? Project prioritization is the answer. As per stats, projects with a strategy are 57% more inclined to succeed.

Well, those are the results of an effective project prioritization matrix. But which method is used for prioritization of projects? Let’s check it out.

Also Read: 7 Easy Steps To Develop Smart Resource Scheduling For Your Business

5 Simple Strategies for Project Prioritization

It’s pretty obvious that no one can do everything at the same time. That’s where the need for competing priorities arises. So, what is the best way to prioritize projects? Have a look at these effective prioritization techniques in project management:

  1. Examine your Tasks

    First of all, you must know what you aim for in the project and what activities must be done to achieve that aim. Then, break down your entire project into simple, manageable tasks for competing priorities. You must set a realistic deadline for each task. At this stage, you can use project management software like Onstro Projects to manage all tasks and assign them to your team members.

  2. Identify the Key Performance Indicators (KPIs)

    For better project prioritization, you must identify the ones that are of the highest value for your business. A key performance indicator (KPI) is a measurable value that shows how much a particular project is important for your business. It could be revenue, quality, efficiency, or any other metric in which your business is interested.

    Consider creating a project matrix to store the value of each project. You can add numerical figures or color codes to the project for better comparison. In this way, you can prioritize and choose the most important projects.

  3. Breakdown the master list

    It is a good idea to create a master list explaining the monthly goals and activities for better project prioritization. For this, figure out all the activities that you must do in the next month to achieve these results. After that, go through the list and consider the urgency of each task. Finally, prioritize each task based on its urgency. Try to compete for priorities by finishing the simpler tasks first and leaving the complex ones for later.

  4. Identify Your peak hours

    Everyone has certain times of the day when they produce the most output. It is crucial to identify those peak hours to set an effective project prioritization framework. For this, you can consider using business tools with time-tracking features to monitor your work hours and analyze your productivity patterns. This way, you can organize the energy and direct it to the most important tasks.

  5. Consider the Return on Investment (ROI)

    Last but not least, you must take into account the return on investment (ROI) for effective project prioritization. Businesses spend a lot of resources on a project and they come at a cost. So, the business must make gains by taking such risks. Return on Investment (ROI) is the ratio of the net profit to the total cost of a project.

    Following is the formula to find the ROI:

    ROI = (Net Profit / Total Cost) x 100

    ROI will give you an idea of the profitability and efficiency of each project. Thus, you can simply prioritize projects with a higher ROI.

Why is project prioritization important?

No matter what business you deal with, you have limited resources and time. The success of a business lies in its ability to create the most output within its limitations. That’s where you require project prioritization strategies. Here’s why it’s important:

  • Ensures that key projects are completed on time.
  • Facilitates effective allocation of resources.
  • The customer service section often gets overloaded, and it’s important to prioritize them in such a manner as to increase customer satisfaction.
  • With prioritization, you can focus on more high-potential leads to reduce their waiting time.

Final Words

Well, even though the process of creating project prioritization strategies seems straightforward, it may not be as simple as you think. It requires an immense, organized approach. And that’s where business software can lend you a hand.

Onstro Projects allows you to set tasks as priorities, define an effective workflow, and collaborate with the team to achieve projects faster. Its features facilitate better planning and ensure everyone stays on track. Contact us now and start managing your projects better.

Team Onstro