Project Priority Calculator
With limited resources, you can't improve every process at once, so it is imperative to identify those projects that have the highest priority. The following table is an example of a prioritization matrix whereby each of five factors is given a rating, and the product of those factors gives a relative score that can be used to set priorities.
This matrix format can be modified to fit the needs of your organization - add or delete factors, or change the rating scales to give greater weight to a factor. The example below includes hypothetical data from a manufacturer of plumbing products.
You can see that the ultimate priority ranking by "score" is different than the priority from cost savings alone because of the weight of other factors.
Rate prospective projects in each of five categories, and use the combined score for an overall ranking.
Use estimates if necessary to set initial priorities and recalculate at a later date when more accurate data are available.
Using a Project Priority Calculator can jump start the success of a process improvement program. By identifying the projects with the greatest potential benefits for the business one can then choose projects with the most return on investment for the company.
Choosing projects efficiently is one of the keys to having great success with process improvement efforts regardless if one uses the project improvement calculator or another comparable tool.