Prioritize Like a Pro, Top Five Prioritization Methods with Templates
By Jibility Co-Founder Chuen Seet
In today’s fast-paced business environment, organizations are constantly faced with a multitude of initiatives that need to be prioritized and executed in a manner that delivers maximum impact with limited resources. To tackle this challenge, there are several commonly used initiatives prioritization methods that can help organizations to make informed decisions about which initiatives to focus on.
In this article, we will discuss five of the most common methods and how organizations can leverage Jibility to support their prioritization efforts.
Jibility guides users to close the strategy execution gap by stepping you through our unique 6-step methodology, crafted by strategy-execution experts.Try Jibility for free, to determine the work initiatives that will bring your strategy to life, prioritise them using our interactive prioritization matrix and visualise your strategy roadmap against the time horizon.
Top 5 Prioritization Matrix with Downloadable Templates
Value vs Risk
The value vs risk method involves evaluating initiatives based on the potential value they bring to the organization, as well as the risk they pose. Initiatives that are high in value and low in risk are prioritized over initiatives that are high in risk and low in value. This method is useful for organizations that want to focus on initiatives that deliver the greatest return on investment while minimizing exposure to risk. For context, value may be defined as strategic, customer or financial value. Also, risk may be delivery risk or business risk. You can read more about this in “How to Build a Prioritization Matrix”article.
Download our FREE Value vs Risk Matrix PowerPoint template here.
Important vs Urgent
The important vs urgent method involves evaluating initiatives based on the level of importance and urgency. Initiatives that are both important and urgent are prioritized over initiatives that are either not important or not urgent. This method is useful for organizations that need to balance the need to address immediate issues with the need to focus on long-term goals.
Download our FREE Important vs Urgent Matrix PowerPoint template here.
Alignment vs Priority
The strategic alignment vs priority method involves evaluating initiatives based on how well they align with the organization’s strategy and their priority level. Initiatives that are well aligned with the organization’s strategy and have a high priority level are prioritized over initiatives that are not well aligned or have a low priority level. This method is useful for organizations that want to ensure their initiatives align with their overall strategy and deliver the greatest impact.
Download our FREE Alignment vs Priority Matrix PowerPoint template here.
Impact vs Effort
The impact vs effort method involves evaluating initiatives based on the impact they are likely to have on the organization and the effort required to execute them. Initiatives that have a high impact and low effort are prioritized over initiatives that have a low impact and high effort. This method is useful for organizations that want to maximize their impact while minimizing the resources they invest.
Download our FREE Impact vs Effort Matrix PowerPoint template here.
Impact vs Urgency
The impact vs urgency method involves evaluating initiatives based on the impact they are likely to have on the organization and the level of urgency. Initiatives that have a high impact and high urgency are prioritized over initiatives that have a low impact and low urgency. This method is useful for organizations that want to balance the need to address immediate issues with the need to focus on initiatives that will deliver the greatest impact.
Download our FREE Impact vs Urgency Matrix PowerPoint template here.
Effective initiative prioritization is critical to the success of organizations in today’s fast-paced business environment. By using the five common prioritization methods and leveraging a platform like Jibility, organizations can ensure they are focusing on the initiatives that will deliver the greatest impact and align with their overall strategy.
Take Your Prioritization to the Next Level with Jibility’s Built-In Prioritization Tool
With Jibility, organizations can easily apply the five common prioritization methods discussed above, and can customize their approach to meet their unique needs and constraints.
Jibility is a cloud-based platform that helps organizations to align their initiatives with their overall strategy, and to ensure they are delivering the greatest impact with their limited resources. It provides a simple six step approach (called Jibility Steps®) to guide the translation of strategic vision and goals into a substantiated, prioritized and visualized initiative roadmap.