What is a Project Prioritization Matrix, and what are best practices, tools and online templates for teams and organizations?
Definition of Project Prioritization Matrix
At its most basic level, a Project Priority Matrix is a tool to help business leaders work out what the key priorities for a specific project should be. The tool can also be used to prioritize and select from multiple projects in order to prioritize and select which project among many should be pursued first. The Project Priority Matrix has several key use cases:
- To decide which features should be included in the next version of a product or service
- To delegate specific project tasks to a larger team
- To identify and prioritize bug fixes
- To flag which part of a large project requires the most attention
- To structure project activities throughout the day
Description of Project Prioritization Matrix
The Project Prioritization Matrix helps business leaders and managers to delegate tasks, prioritize new features or bug fixes, rank specific elements of a project by importance, or otherwise structure a plan of attack to tackle a new project. A Project Prioritization Matrix can be built in several different ways depending on what needs to be measured and what type of project is being analyzed. A few examples include:
Time / Performance / Cost Priority Matrix
Measuring and prioritizing priorities based on time (how long a project will run), performance (the number of features or level of quality required for the project), and cost (how much the project will cost to complete and how much it will cost the customer). These three priorities intersect within every project, and it is important to track each of these priorities against three key actions: constrain (work to decrease this factor), accept (let this be as large as necessary), enhance (work to increase this factor).
Impact / Urgency Priority Map
The Impact / Urgency Priority Map allows you to gauge the importance of specific elements within a project by their impact on the overall business and the urgency to complete specific elements. In an impact/urgency matrix there are four key categories:
- Do: High impact, high urgency.
- Schedule: High impact, low urgency.
- Delegate: Low impact, high urgency.
- Delete: Low impact, low urgency.
Tools & Templates
The tools and resources that leaders use to make the most of the Project Prioritization Matrix template are internal stakeholder interviews, budget sheets, project plans, and business strategy documents.
upBOARD's Online Project Prioritization Matrix Tools & Templates
Unlike most traditional process checklists and problem solving models, upBOARD’s online Project Prioritization Matrix model tool allows any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
Learn more about upBOARD’s portfolio of other business strategy best practice tools and templates, including:
2 X 2 Matrix, ADL Matrix, Affinity Diagrams, Baker’s 4 Strategies of Influence, Balanced Scorecard, Benchmarking, Blue Ocean Strategy, Bowman Strategy Clock, Build-Measure-Learn Feedback Loop, Business Model Canvas, CAGE Distance Framework, Competitive Analysis, Competitive Landscape Analysis, Contingency Planning, Core Competence Analysis, Critical Success Factors, Discovery Driven Planning, Economic Value Added, First Mover Advantage, Five Forces Model, Force Field Analysis, Gap Analysis, GE McKinsey 9-Box Matrix, Go To Market Strategy, Hambrick & Frederickson’s Strategy Diamond, Hedgehog Model, Hook Model of Behavioral Design, Hoshin Planning System, Kay’s Distinctive Capabilities Framework, Key Outcome Indicators, Kotler’s Five Product Levels Model, Kotler’s Pricing Strategies, Lafley & Martin’s Five Step Strategy Model, McKinsey 7S Model, McKinsey’s Seven Degrees of Freedom for Growth, Mergers & Acquisitions, Mission Statements, Mullin’s Seven Domains Model, OGSM Framework, Ohmae’s 3-C’s Model, Partner Relationship Management, PEST Analysis, PESTLE Analysis, Porter’s Diamond, Portfolio Management, Purpose Statements, Pyramid of Purpose, Scenario Planning, Simonson & Rosen’s Influence Mix, SMART Performance Metrics, SMARTER Goals, SOAR, Strategic Goals, Strategy Map, Strategy Roadmap, Strategy Uncertainty Map, SWOT Analysis, TOWS Matrix, Triple Bottom Line, USP Analysis, Value Chain Analysis, Value Disciplines Model, Value Net Model, Values Statement, Vision Statements, VRIO Analysis, and Weisbord’s Six-Box Model.