Prioritizing Projects with Scorecards - Before launching any project, it is a best practice to develop a scoring system across the entire organization. This allows the projects to be scored and measured based on the values, goals and key criteria that are important to the organization. Scoring projects also helps minimize the politics when it comes to assigning and allocating resources.

In many companies, the most influential manager or the most contentious manager is the one that gets the resources assigned. In customer-facing organizations, the “600 pound gorilla” customer is the one that gets the resources assigned to his/her projects. This, however, is not the most effective way to allocate resources.

Scoring is usually comprised of goals, critical success factors, and key performance indicators. Some organizations may decide to use only goals, or goals and critical success factors. It just depends on how complex or simple the scoring system needs to be. One example of a goal might be Generates Revenue. Then a critical success factor might be Opens New Markets.

If a company uses a scoring system, then when it comes time to allocate resources, these scores may be used as independent, agreed upon standards that determine priority.

For example, if the team has more projects than resources available, then the score of the project can determine when it should be performed. In many enterprise project management software solutions, a view is available for resource managers, stakeholders and executives to see what projects and tasks are causing resources to be over allocated. The exposure of the score, will help the team decide what projects to shift and/or assign additional resources to. In an environment where resources are constrained, the top project would remain in place, while the last two would likely be shifted out. If a project cannot be shifted, a resource manager could make the case for requesting additional team members to cover the project load.

Reporting on Portfolios and Resources - Executives and management are responsible for overseeing the status of their portfolios. In my experience, many project teams continue to manage projects using Excel and Microsoft Project. These are great individual user applications, but woefully weak when it comes to rolling up a portfolio of projects. Executives need comprehensive reporting capabilities. A decent dashboard view facilitates viewing of multiple portfolios, programs and projects. Ideally, each executive can customize his or her view to show what is most important. For example, a CFO may choose to display financial information on the portfolio, while a Program Manager may want to see percentage complete and status indicators.

Summary

Because organizations perform multiple simultaneous projects, it is imperative to monitor and control all projects and programs in the portfolio. However, as an organization gathers and reports on information it is vital for executives and stakeholders to keep up to date on project health and status in as timely a manner as possible.

Scoring projects allows teams to independently evaluate projects and their priority. It also keeps the discussion around who gets certain resources and when on a logical plane, instead an emotional one. Having visibility into all projects, their scores, and what resources are working on is part and parcel of controlling the portfolio. Organizations that master these concepts will be leaders in their market spaces.