Information Technology (IT) projects are an important part of a company's growth and advancement. Playing a key role in the development of most businesses, IT projects impact all departments and many work processes that take place throughout an organization. Certain factors must be taken into consideration when moving forward with an IT project, such as budget and importance. Effectively prioritizing IT projects helps to ensure that important projects are completed first. Using Project Portfolio Management (PPM) helps companies to identify projects that offer the most potential return on investment (ROI) and the highest likelihood of success.
Four potential IT projects are currently under consideration the upcoming quarter (Q2), two of which will be selected and two which will be reconsidered for the third quarter (Q3) budget. Presented IT projects will be rated based on set criteria using a number system to determine the importance of each project.
The two IT projects that score the highest evaluation will be selected for Q2 and the remaining projects will be reconsidered at a later date.
IT Project Criteria and Scoring System
The scoring system will be based on the one of three choices for each criteria; N=No, U=Uncertain, and Y=Yes. No and Uncertain will count as zero points and yes will count as one point. The four scores will be added for each project and the higher scores will represent the higher priority projects.
Each project will be rated based on the same four criteria, using the aforementioned scoring system. The criteria used will be as follows:
The project drives or creates more revenue for the corporation.
The project cuts the cost of doing business.