My rule of thumb is that most organizations are, at any one time, running at least twice as many major projects as they can reasonably deliver at pace. This heuristic is relevant in even the biggest organizations and, whatever size business you lead, you must focus your resources and efforts where you can have the biggest impact.
The five criteria that I recommend you use to rank and prioritize your strategic projects are:
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Impact on your #1 goal.
What difference will this project make to the delivery of your most important goal?
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Ability to make material progress in the next 3-6 months.
What level of improvement is possible in the next few months with dedicated focus and resource driving this initiative?
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Customer impact.
How will the project directly improve the experience you deliver for your customers?
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Internal organizational fit.
How well does this initiative have with the capabilities and culture of the organization, and how committed will your people be to its delivery and success benefits?
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Risk.
What is the worst-case scenario of this project and its related investment?
As you assess your projects against these questions, which of them are still ‘mission critical’ and which of them are interesting but, ultimately, irrelevant to the success of your business?
© Stuart Cross 2016. All rights reserved.