PPM 101 - How to Effectively Use a Priority Matrix

Based on: acuityppm.com/ppm-101-how-to-...
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What is a priority matrix?
A priority matrix is a tool used to categorically prioritize types of work. It has three primary strengths: simplicity, speed, and applicability to all types of work (projects and operational work). A priority matrix is easy to understand and simple to use because calculations are not required.
When Should a Priority Matrix Be Used?
There are a few primary use cases for a priority matrix: 1) When there is a high volume of project intake requests that need to be evaluated. 2) When there is a high volume of both project requests and operational requests that utilize common resource pools. 3) For organizations new to portfolio management and need to start with a simpler mechanism for prioritizing project work.
How Does a Priority Matrix Compare to a Scoring Model?
A priority matrix is simply a different approach to prioritizing work. It is not in conflict with a traditional scoring model (which we highly endorse as long you build your model correctly). In fact some companies may use both for selected use cases. The priority matrix is about categorical prioritization, prioritizing work based on the type of work request. A scoring model takes into account multiple dimensions for evaluating project work and is used to determine relative project value. Furthermore, when evaluating multiple large projects, a scoring system will provide a more accurate analysis over a prioritization matrix.
What are the strengths of a priority matrix?
• A prioritization matrix is easy to understand and simple to use.
• Calculations are not required for determining the relative priority of a project.
It is most useful for prioritizing high volumes of work requests quickly
• Because of its simplicity, prioritization becomes a much faster exercise and allows decision makers to quickly distinguish important projects from less important projects.
• Various kinds of work can be prioritized using a prioritization matrix.
• With a traditional scoring model, it is difficult to evaluate “keep the lights on” type of work, but with a prioritization matrix it is easier to compare priorities for project and non-project work.
• It can provide a categorical ranking of projects in the portfolio
The Eisenhower Matrix Versus the Priority Matrix
The priority matrix we are talking about is a little different than what is referred to as an Eisenhower Matrix, which is focused on task management. The Eisenhower matrix is a 2×2 matrix that also applies urgency and importance. It is designed to help people prioritize tasks in order to focus on tasks that are most important and eliminate tasks that do not add value. The Eisenhower matrix resembles the priority matrix above, but the application of the priority matrix is on project work and operational work that commonly impacts more than one person. The priority matrix enables multiple categories of work to be prioritized so that a fair comparison can be made between types of work. The Eisenhower matrix does not support this.

[@liliane.Y]

i searched all over the internet, this is the best one on priority matrix

[@AcuityPPM]

Thank you for that feedback, we are very glad you got value from the video!

[@SOUZAconsultores]

Amazing videos, thank you for sharing your knowledge. I am starting with PPM and your videos help me to understand a lot of concepts

[@AcuityPPM]

That's great to hear. We are glad you are getting value from the videos. Please reach out if you need any help: acuityppm.com/contact-us/ Thank you!

[@oktabriyansyah9362]

may i request, make a video about how to cascade risk from project level into portofolio level and method of top down or bottom up in assessing risk of project portofolio. Thank You

[@AcuityPPM]

Thank you for your interest in Portfolio Risk Management, we will try and provide an additional video on this in the future. In the meantime, you are welcome to schedule a complementary session to discuss portfolio risk management in more detail: calendly.com/acuityppm/trial-request