12 Apr Prioritising Effort and Expenditure
Unfortunately, every strategy or project has a budget and keeping to this strict guideline, whilst completing the entirety of a task, is often the biggest challenge to any project manager. To ensure this is done efficiently, unnecessary tasks or projects need to be stopped while the most crucial tasks are prioritised with maximum effort and finance. In theory, this selection of tasks and projects should be straightforward, however, quantifying the value of a task and its importance to an overall strategy can be complicated in reality.
Many models have been developed to support the prioritisation of tasks and value individual tasks, for instance “A Formalised Model for Prioritising Projects of a Portfolio” in Levin and Rad’s book ‘Project Portfolio Management Tools and Techniques’ (2006). The key is to identify resource wasting activities early and react quickly, ensuring the minimum amount of resources are wasted.
Dye, Lowell D, and James S Pennypacker. (1999). Project Portfolio Management. West Chester, PA: Center for Business Practices, 1999. Print.
Rad, Parviz F, and Ginger Levin. (2006) Project Portfolio Management Tools And Techniques. New York: IIL Pub., 2006. Print.