Project Prioritization is a consistent process that is intended to research and examine current operational environment to identify any projects running in parallel within the same portfolio and to develop a ranking model for prioritizing those projects by some criteria. This process aims to determine execution order for the projects in order to ensure effectiveness of the overall portfolio.
Project prioritization is a framework for managing performance of parallel and interrelated projects. Prioritizing two or more projects belonging to one and the same portfolio or programme means creating and using some scoring model that is based on certain ranking criteria. For example, such a model may include the following criteria for ranking portfolio projects:
Ranking criteria help establish the baseline of project prioritization. Such criteria are usually used after the data (goals, deliverables, team roles, governance structure, etc.) on portfolio projects is collected and analyzed. Project managers can use ranking criteria to identify and verify preferable execution order of parallel projects and to set scores per project. The more scores are given to a particular project, the higher priority this project obtains.