The article discusses the importance of project prioritization in the analytics world. It emphasizes considering impact, risks, and time constraints to make better decisions. The analogy of being a venture capitalist in choosing where to invest time and energy in different projects is used to drive this point home.
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Project Prioritization: A Practical Approach for Middle Managers
As middle managers, you play a pivotal role in the success of your team and your organization. Every decision you make about which projects to work on can significantly impact your team’s performance and your own success. To help you make better prioritization decisions, we will introduce a mental model tailored for the analytics world.
Risks Assessment
When considering projects, it’s crucial to assess the associated risks. Elements such as data availability, skillset, timeframe, organization readiness, and political environment can all pose potential risks. By using a simple scoring system, you can evaluate your confidence in overcoming these hurdles, helping you make informed decisions about project viability.
Impact Evaluation
Understanding the impact of a project involves considering its real-life application. This includes assessing second-order impact, the width and depth of value, and the temporality of the work and the need. By using a scoring system, you can rank projects and identify those with the highest potential value.
Time Management
Time is a critical factor in project prioritization. It’s essential to account for the time required to complete a project, including pre-project alignment, actual project execution, communication, and post-project activities. Anticipating unexpected challenges and leaving room for flexibility is also important in time management.
Building Your Investment Thesis
By considering the time, impact, and associated risks of each project, you can develop an “investment thesis” for your team’s portfolio. This enables you to strategically balance high-risk, high-reward projects with those that offer guaranteed value, aligning with your team’s objectives and risk tolerance.
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Connect with Us
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