Why Do We Need a Prioritization Framework?
By Yinhao Fan
It is commonly recognized that there is always limited time and resources for an organization or an individual to do everything they want to do. Therefore, it is critical to manage available time and resources efficiently to generate the most favourable outcomes out of the time you have. As a decision-maker, using a thoughtful prioritization process helps execute tasks in a timely manner while creating the greatest value. Although the prioritization process varies and personalizes based on individual needs, they all inform you what you need to do right now, what you don’t need to do, and when you should focus on specific tasks. To better understand how to prioritize activities, below are three frameworks that can be applied in real-life scenarios.
So, how do you prioritize everything?
1. Prioritization Matrix
Figure 1 2*2 Prioritization Matrix
The prioritization matrix involves laying all ideas/initiatives out on a 2 x 2 matrix. The Y-axis and X-axis each represent one attribute. Each quadrant represents priorities based on the defined value (Figure 1). For example, suppose the Y-axis represents the importance of an activity while the X-axis represents the urgency of an activity. In that case, you can place activities in each quadrant based on your evaluation (Figure 2).
Priority 1: In the upper right, activities that are most important and urgent are on the top of the to-do list;
Priority 2: In the upper left, activities that are important but not very urgent can be scheduled for later;
Priority 3: In the bottom right, activities that are urgent but not important come after;
Not Purse: In the bottom left, activities that are neither important nor urgent should be considered.
Figure 2 Urgency and Importance Prioritization Matrix
By plotting in this matrix, you can easily visualize the top priorities and determine an implementation timeline for all activities. The attributes on the Y and X axis can also be substituted by other values such as impacts vs costs.
2. Prioritization Scoring
Prioritization scoring helps define priority simply by comparing numbers. The score assigned to each idea comes from a list of criteria that you deem important. For example, a scoring model calculates scores based on Impact, Confidence and Ease (ICE). From 1 to 10, you will sum up the impact, confidence and ease scores and divide by 3 to get the average, which is the ICE score. The higher the score, the earlier you will implement the activity. However, like the prioritization matrix, the metrics used to assess priority can vary based on individual needs. Sometimes, a specific metric might be more critical, thus giving this criterion a higher portion of the overall score. This process is called weighted scoring. Weighted scoring is often seen in calculating school grades; for instance, in a math course, the final exam is weighted for 40%, and the assignment is weighted for 60%. Then, a score of 80 on a final exam and 90 on an assignment will produce a final grade of 86 (80 x 40% + 90 x 60% = 86).
3. Other Frameworks
In addition to the two frameworks above, there are also other approaches to determine activity priority, such as the MoSCoW method. This method creates several categories of to-do lists where you can directly sort the activities by category. In the MoSCoW model:
M (must do) is for activities that you absolutely have to do;
S (should do) is for activities that you should do;
C (could do) is for activities that would be nice to do;
W (won’t do) is for activities that are not worth pursuing.
Conclusion
Overall, prioritization exercises ensure that you always work on the most important activities to advance your goals and make the next important step in your journey. These three exercises are just a few ways to prioritize your goals; in reality, there are endless methods. The key is finding one that works best for you and your work priorities, even using these as inspiration to design your own prioritization framework!