Using a structured approach when prioritising high-profile projects within a portfolio
Introduction
Prioritising high-profile projects within a portfolio requires a structured approach that balances strategic alignment, resource constraints, risk management, and expected value. Here’s a step-by-step framework to ensure effective prioritisation:
1. Align with Strategic Objectives
- Identify key business goals (e.g., revenue growth, market expansion, innovation, compliance).
- Rank projects based on how well they align with these strategic priorities.
2. Define Clear Evaluation Criteria
Consider using a weighted scoring model with criteria such as:
- Business Value: Revenue potential, market impact, or competitive advantage.
- Strategic Fit: Alignment with corporate strategy and future vision.
- Risk & Complexity: Technical challenges, dependencies, or regulatory hurdles.
- Resource Availability: Skillset, budget, and time constraints.
- ROI & Time-to-Value: Short-term vs. long-term benefits.
3. Use a Prioritisation Framework
Common approaches include:
- MoSCoW Method: Categorise as Must-have, Should-have, Could-have, and Won’t-have.
- Eisenhower Matrix: Urgent vs. important projects.
- WSJF (Weighted Shortest Job First): Divide business value by job size to maximise ROI.
- Click any of the highlighted approaches below to find out more about them and how they help with the overall prioritisation.
The MoSCoW Method is a prioritisation technique used in project and portfolio management to classify tasks or requirements based on their importance. It helps stakeholders focus on what’s essential for success.
The acronym stands for:
M – Must-Have
- Critical requirements that are non-negotiable.
- Without them, the project will fail or not be viable.
- Example: Compliance with legal regulations, core product features.
S – Should-Have
- Important but not essential.
- Can be delayed if necessary, but their absence will have a significant impact.
- Example: A user-friendly dashboard in an enterprise app.
C – Could-Have
- Desirable but not critical.
- Can be included if resources allow, but their absence won’t cause failure.
- Example: Additional customisation options for users.
W – Won’t-Have (for now)
- Lowest priority; can be postponed or removed.
- Helps avoid scope creep and maintain focus.
- Example: Integration with future third-party tools.
Why Use MoSCoW?
- Simplifies decision-making and reduces conflicts.
- Ensures that teams focus on what’s necessary first.
- Works well in Agile, project delivery, and portfolio management.
The Eisenhower Matrix, also known as the Urgent-Important Matrix, is a prioritisation framework that helps project managers decide which projects or tasks to focus on by categorising them based on urgency and importance.
The Four Quadrants of the Eisenhower Matrix
How to Use the Eisenhower Matrix in Project Portfolio Management
- Map each project or initiative to a quadrant.
- Prioritise high-impact work (Quadrants 1 & 2).
- Reduce time spent on Quadrant 3 by delegating.
- Eliminate non-value-adding tasks in Quadrant 4.
WSJF (Weighted Shortest Job First) is a prioritisation technique used in Agile and Lean Portfolio Management to ensure that the most valuable work gets done first. It helps teams decide which projects or features to tackle by balancing value and effort.
How WSJF Works
The WSJF score is calculated using the formula:
Where:
- Cost of Delay (CoD) = The impact of not delivering a project sooner. It includes:
- Business Value (Revenue impact, customer satisfaction)
- Time Criticality (Deadlines, compliance)
- Risk Reduction / Opportunity Enablement (Future benefits unlocked)
- Job Duration (or Size) = The estimated effort or time required to complete the project.
Steps to Prioritise Projects Using WSJF
- Assign Relative Scores (e.g., use a scale of 1 to 10) for:
- Business Value
- Time Criticality
- Risk Reduction / Opportunity Enablement
- Calculate Cost of Delay = Sum of the three scores.
- Estimate Job Duration (relative effort or complexity).
- Divide Cost of Delay by Job Duration to get the WSJF score.
- Prioritise the highest WSJF score first (highest value with the shortest duration).
Example
- Project A (WSJF = 6.0) is prioritised first because it delivers the most value in the shortest time.
Why Use WSJF?
- Ensures high-value, quick-win projects are completed first.
- Prevents large, complex projects from blocking progress.
- Reduces delays and maximises business impact.
4. Assess Dependencies & Constraints
- Identify interdependencies between projects.
- Avoid bottlenecks where critical resources are overloaded.
- Sequence projects logically to optimise execution.
5. Engage Stakeholders & Leadership
- Get buy-in from key executives, sponsors, and project teams.
- Ensure alignment across departments to avoid conflicts.
6. Implement a Dynamic Prioritisation Approach
- Priorities should be reviewed and adjusted regularly based on market shifts, new risks, or changes in company strategy.
- Use agile portfolio management techniques to stay adaptive.
Conclusion
To effectively prioritise high-profile projects within a portfolio, use a structured framework combining strategic alignment, value-driven decision-making, and execution efficiency.
By leveraging proven methodologies like MoSCoW (critical vs. non-essential needs), the Eisenhower Matrix (urgent vs. important), and WSJF (maximising value by delivering high-impact, quick-win projects first), we ensure that resources are allocated to initiatives that drive the greatest business impact.
This approach eliminates guesswork, reduces bottlenecks, and accelerates ROI, allowing organisations to confidently prioritise and execute projects that align with their strategic goals while adapting to changing demands.
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