Managing a project can be a tedious task when you are unaware of tools and techniques that can reduce your time, efforts, and resources. Besides, some professionals get confused between PM best practices such as project portfolio management and program management. Program management is the process of managing several similar projects simultaneously to save resources. Project portfolio management, on the other end, is the management of different management programs across the business.
You must have experienced that several projects are managed at the same time. In such a scenario, you should use PM best practices to prioritize your tasks per different aspects. In her article for GoSkills, Michelle Symonds shares PM best practices that can help you prioritize your projects.
List of PM Best Practices for Project Prioritization
The MoSCoW Model
It is an effective technique to be mindful of stakeholders’ views. It is easy to use and implement, making it an effective method for simpler projects. The MoSCoW method is an acronym of the following stakeholder requirements:
- Must have – Critical elements that cannot be ignored
- Should have – Elements that will help the project
- Could have – Elements that would be nice to have
- Would not have – Elements that would not be needed
The Kano Method
This method usually focuses on end-user experience related to the resources and functions available for projects. You can understand the relationship through a series of questions bifurcated in the following categories:
- Performance – Features that increase accessibility and feasibility of a project
- Must-be – Features that are essential requirements
- Attractive – Features that would be good to add to the project
- Indifferent – Features that are not necessary for a project
Net Present Value
It is a comparison between the current value of resources and their value in the future. Choosing projects with a higher NPV is one of the most effective PM best practices when you prioritize a project.
The payback period is the time required to assimilate a project investment. It is calculated by dividing the cost of projects by the average annual cash inflows.
It is one of the most advanced PM best practices that can help you align the need of PMO. It involves the following steps:
- Pick several scoring criteria such as benefits, size, etc.
- Assign ranges to the criteria.
- Rank the criteria on the basis of risk they possess.
- Compare this method to different projects to get a better understanding of the model.
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