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How to evaluate and prioritize projects
- Price:
- $49.95 (excluding tax)
Available for immediate download
Product Description
As a Project Investment Committee (PIC or whatever your project prioritizing/approval body is called) member you have many other obligations in addition to being on the PIC. Your time is, therefore, at a premium.
Yet the decisions made by the Project Investment Committee are critical and can involve hundreds of millions of dollars and so cannot be made lightly or without adequate evaluation.
The Value Delivery Management approach to project prioritization and approval dis-connects the PIC from the detail of the business cases by putting a thorough, rigorous ‘validation’ step in between the project team and the PIC. The PIC needs to delegate its validation authority to the PMO (or equivalent body) to conduct objective, independent validations of each and every business case and to advise the PIC on the validity of each project. (See the “How to validate a project” guide for how projects should be validated.)
The Project Investment Committee can then rely on this advice and only review a summary of the business case and the validation assessment to determine if the project is worthwhile and should continue.
This approach achieves two key value delivery outcomes — to minimize the time commitment of the Project Investment Committee while ensuring that the validity of the business case is thoroughly evaluated.
This “How to evaluate and prioritize projects” guide takes you through the process of evaluating (and re-evaluating) project proposals and ensuring they are set up for success. While you may believe you know the questions that need to be asked, this Guide provides you with a proven basis, a series of questions and dimensions whereby you can ensure whether each project is likely to be successful and, where there are risks or concerns, that these are recognized and managed accordingly
If this Guide improves one decision a year it will have more than paid for itself.
A simple guide to the information required to be submitted to the PIC by the project/governance team after the project’s business case has been validated. Summarizes the key points from the business case in a standard format the PIC can get across easily and fast while giving the governance team the ability to ‘sell’ their proposal.
Time for a kill
A Value Delivery Management article by Jed Simms as to how a ‘problem project’ should be addressed to see if it can be saved or should be killed.
Who’s on first?
A Value Delivery Management article by Jed Simms that leverages off the famous comedy duo Abbot and Costello’s baseball skit called “Who’s on first” and discusses which of the project evaluation criteria is the most important and should take primacy in prioritization.
Three indelible numbers
A Value Delivery Management article by Jed Simms that discusses the significance of the three project-related numbers 15%, 35% and 5% and their ramifications on project selection and prioritization.
Yet the decisions made by the Project Investment Committee are critical and can involve hundreds of millions of dollars and so cannot be made lightly or without adequate evaluation.
The Value Delivery Management approach to project prioritization and approval dis-connects the PIC from the detail of the business cases by putting a thorough, rigorous ‘validation’ step in between the project team and the PIC. The PIC needs to delegate its validation authority to the PMO (or equivalent body) to conduct objective, independent validations of each and every business case and to advise the PIC on the validity of each project. (See the “How to validate a project” guide for how projects should be validated.)
The Project Investment Committee can then rely on this advice and only review a summary of the business case and the validation assessment to determine if the project is worthwhile and should continue.
This approach achieves two key value delivery outcomes — to minimize the time commitment of the Project Investment Committee while ensuring that the validity of the business case is thoroughly evaluated.
This “How to evaluate and prioritize projects” guide takes you through the process of evaluating (and re-evaluating) project proposals and ensuring they are set up for success. While you may believe you know the questions that need to be asked, this Guide provides you with a proven basis, a series of questions and dimensions whereby you can ensure whether each project is likely to be successful and, where there are risks or concerns, that these are recognized and managed accordingly
If this Guide improves one decision a year it will have more than paid for itself.
Benefits
This guide- provides a proven approach to effective project evaluation, approval and prioritization
- simplifies the prioritization process for the senior executive team
- provides insight into the areas that can cause value to be lost, missed or destroyed
- enables you to prioritize and de-prioritize projects on a common objective basis to realize the optimum results across your portfolio of projects
- covers all of the relevant areas of the forthcoming Australian Standard on Project Governance
- enables you to monitor the make up and effectiveness of your project portfolio
- enforces a high standard on all business cases and investment committee submissions
Who should use
- Project Investment Committee members — to guide you through the evaluation and prioritization of each PIC submission.
- PMO — to enable you to effectively support the Project Investment Committee prioritization process
- Governance team - to enable you to know how your project proposal will be evaluated and prioritized
- Project team — to inform you as to the process that your business case will be subject to.
Contents
- Understanding the Project Investment Committee roles and accountabilities
- Understanding the project proposal submission process
- Understanding the end-to-end PIC evaluation and management process
- How to establish the Project Investment Committee pre-requisites
- How to assess project proposals
- How to appoint or approve the Project Sponsor
- PIC members’ frequently asked Sponsor questions
- How to allocate and control funding and other resources
- How to re-evaluate projects whose scope, costs or value has changed
- How to stop, suspend or delay projects if necessary
- How to govern the execution of the organization’s project portfolio
- How to monitor the ‘success’ of all approved projects
- How to govern the application of lessons learned from previous projects
- How to measure the PIC’s effectiveness and success
Bonus
How to submit a Project to the Project Investment Committee (and template)A simple guide to the information required to be submitted to the PIC by the project/governance team after the project’s business case has been validated. Summarizes the key points from the business case in a standard format the PIC can get across easily and fast while giving the governance team the ability to ‘sell’ their proposal.
Time for a kill
A Value Delivery Management article by Jed Simms as to how a ‘problem project’ should be addressed to see if it can be saved or should be killed.
Who’s on first?
A Value Delivery Management article by Jed Simms that leverages off the famous comedy duo Abbot and Costello’s baseball skit called “Who’s on first” and discusses which of the project evaluation criteria is the most important and should take primacy in prioritization.
Three indelible numbers
A Value Delivery Management article by Jed Simms that discusses the significance of the three project-related numbers 15%, 35% and 5% and their ramifications on project selection and prioritization.
