Finally, if a criterion is to be accepted, then the project stakeholders have agreed that it is OK not to meet the original Project parameters. If the Hospital Management and the people working on this project reach a result where the Hospital can increase infection control by a further 12%, then that is the desired outcome. When it is enhanced, the criterion can be optimized or improved, like for example when a Hospital sets as its project’s target to increase infection control by a further 10%. For example, the budget cannot exceed $10,000. When a criterion is constrained, then it is considered as the affixed parameter for the project. One technique that can help manage different project expectations and the resulting trade-offs is the Project Priority Matrix in which for each one of the three project aspects (Cost – Time – Scope) the Project Manager needs to establish which one is accepted, which could be enhanced and which needs to be constrained. If a Project Manager wishes to reduce the project’s time because he aims at having shorter time-to-market but this would surely have an impact on cost.įig 1: Project Management Trade-offs. Usually, higher performance can lead to higher associated cost. Imagine, the impact that a decision of accomplishing the project at cost (on the budget) on the expense of realizing quality deliverables. The interrelationships between these three project elements are often different for the various project’s stakeholders and can even create tensions and conflicts.
The ultimate success of any project is usually determined by meeting the expectations of the customer (whether external or internal) and/or upper management in terms of cost (budget), time (schedule), and performance (scope). It also identifies their relative importance by providing a means for ranking projects (or project requests) based on criteria that are determined to be important. Use estimates if necessary to set initial priorities and recalculate at a later date when more accurate data are available.The Project Priority Matrix is a structured approach to working on what matters most for the project’s’ stakeholders.Ī prioritization matrix is a simple tool that provides a way to sort a diverse set of items into an order of importance. Rate prospective projects in each of five categories, and use the combined score for an overall ranking. 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. The example below includes hypothetical data from a manufacturer of plumbing products. 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 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. With limited resources, you can't improve every process at once, so it is imperative to identify those projects that have the highest priority.
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