In the strategize phase, start by creating or evaluating a corporate strategy or corporate goals. You may already have a clear strategy (and that’s great), but in the spirit of the new year, take the time to review your strategy and determine if it still suits your company. If you haven’t put together a corporate strategy, think about what you want to accomplish this year. Corporate strategy can vary widely by company, but some common corporate goals include revenue targets, renewal rates, customer acquisition, customer retention and customer satisfaction.
Once you have decided on a corporate strategy or goals, you will select evaluation criteria that will be applied to every project this year. Translating your corporate strategy into evaluation criteria will ensure that upper management understands whether a project added to the portfolio will help them execute on the strategy. Examples of criteria can include risk level, expected revenue upon completion, required budget and resources and payback period. When evaluation criteria is aligned with your corporate strategy, you can objectively evaluate projects and determine true priority based on which projects will help you achieve your goals.
When you use Lean PPM™ with Meisterplan, you can easily create a priority project score based on your chosen evaluation criteria. You can use our preconfigured evaluation criteria or add your own criteria. You can then assign a weighting to each criteria. Meisterplan will automatically generate a priority project score. Projects with the highest scores are the projects most aligned to your corporate strategy. If you choose to prioritize projects based on more subjective criteria, you now do so knowing the trade-offs and that other projects are more aligned to your strategy.