![]() ![]() If a Project Manager wishes to reduce the project’s time because he aims at having shorter time-to-market but this would surely have an impact on cost.įig 1: Project Management Trade-offs. Usually, higher performance can lead to higher associated cost. ![]() Imagine, the impact that a decision of accomplishing the project at cost (on the budget) on the expense of realizing quality deliverables. The interrelationships between these three project elements are often different for the various project’s stakeholders and can even create tensions and conflicts. The ultimate success of any project is usually determined by meeting the expectations of the customer (whether external or internal) and/or upper management in terms of cost (budget), time (schedule), and performance (scope). It also identifies their relative importance by providing a means for ranking projects (or project requests) based on criteria that are determined to be important. For more information about this book and other AMA book titles, visit Learn more about project management by signing up for our free webcast on how to improve project team performance using the Myers Briggs Type Indicator.The Project Priority Matrix is a structured approach to working on what matters most for the project’s’ stakeholders.Ī prioritization matrix is a simple tool that provides a way to sort a diverse set of items into an order of importance. If the priorities shift, revalidate them and update the project documentation.Įxcerpted, by permission of the publisher, from The Project Management Tool Kit: 100 Tips and Techniques for Getting the Job Done Right by Tom Kenrick. Revisit the priorities following business reorganizations and during project reviews. If your project changes, reevaluate the priorities to ensure they remain appropriate. Strive for agreement and clearly document the lowest priority. For some projects, agreeing to constrain two of the three parameters may be necessary, but it is always unrealistic to limit all three, especially prior to project plan development. Next, validate your prioritization with your project sponsors and stakeholders and make modifications, if needed, based on their feedback. Place one mark in each row, showing which parameter is constrained (least flexible), which one is to be optimized (somewhat flexible), and for which of the three change may be accepted (most flexible).Ĭonsider the options (there are six) and discuss them with your project team to develop consensus on the priorities. Document priorities using a three-by-three matrix. In exploring the costs, pain and appropriateness of small changes, relative priorities emerge. Would it be worse to slip the schedule a week beyond the deadline, or increase the project budget by 5 percent? Would it be more appropriate to drop a feature of a project deliverable or to add staff to the project team? Would a slightly longer project that delivers a more robust product be desirable? Questions such as these often arise late in a project, but it is better to deal with them early. These priorities support scope planning, decision making, constraint management and plan optimization, negotiating project changes, and integrated change control.Ĭonsider the tradeoffs between scope, schedule and cost by specifying small changes to the stated project objective. Setting priorities enables the project team to determine which of the three is most essential. Understanding What is the Project Priority Matrix and how to set Prioritiesįor most projects, all three parameters-scope, schedule and cost (resources)-are important. If necessary, probe for more information on constraints and goals with the project sponsor and key stakeholders. Explore the reasons for the goals and constraints, and document the consequences of failing to achieve them. Review the project objectives and the assumptions and constraints identified during project initiation. What is a Project Constraint and How to Continue to Meet Objectives ![]() It’s also important to answer these two questions during the planning stages: To do this, it helps to explicitly identify decision criteria for the project during project planning. Critical to priority project management are effective management of project changes and prompt, consistent decisions. ![]()
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