Standardize Pipeline Evaluation
How do you make important decisions? For some people, they think through their options rationally and logically, but for others making decisions can be much more emotional. Sometimes people “go with their gut” or panic because their competitors are doing something different and they desperately try to match what they're doing. The latter obviously is a risky way to make decisions, but even in very large organizations, there is often still this emotional component to making decisions because making decisions can be very difficult.
Deciding which projects to move forward with and which ones to table can make or break a company. Some projects are mandatory and must be completed by certain timelines based on regulations, but beyond these regulatory projects, health and life sciences companies need to continue to innovate. Because the development of new pharmaceuticals or medical devices is extremely time and cost intensive, it's imperative that companies select the best projects for their portfolio. The best way to make sure you are approving the right projects in the pipeline is to standardize the criteria by which you evaluate proposed projects. Your criteria can include things like cost, benefit, risk, resource requirements and alignment to corporate goals. When you standardize evaluation criteria, you can make decisions based on quantitative data. This makes it much easier to compare different projects and provides transparency into what greenlighting or rejecting a project means for the project portfolio.