Skill level: Advanced
A project prioritization matrix is used when multiple existing projects create competing priorities for team members. The tool helps determine the order in which projects should be completed, considering various factors. Team members rate each factor and assign a weight if needed. The sums will indicate the best opportunity, where the team should focus resources.
- Assists with prioritizing existing projects
- Evaluates various factors that have an impact on decisions
How to Use
- Step 1. Determine the projects that are possible, and list them on one side of an empty matrix.
- Step 2. Brainstorm important factors or criteria that will be used to evaluate the options and list them across the top of the matrix, along with a weight or importance multiplier for each.
- Step 3. Fill in the matrix by ranking each project in each of the factor areas.
- Step 4. Sum the totals of each factor.
The figure below shows the project prioritization matrix a quality improvement team created to review a list of projects to be completed.
The team determined that the most important factors are safety, training needed, reward, people, cost, and time. Since cost was very important, the team weighted it at twice the value of the other factors.
After ranking each project against these criteria and summing the ranks, the term found project C to be the best project to complete at this time.