MAY 2022CONSTRUCTIONBUSINESSREVIEW.COM9Some of these criteria may be more important than others and may get higher weighting. Understand those trade-offs with your stakeholders. All projects should be meeting a specific customer need, whether that's an expressed need or latent; that impact would be reflected in the criteria noted above.Next, rate each of the projects according to the criteria. This is best done with a cross-functional team to ensure consistent treatment of each project across the criteria. Finally, rank the projects according to the ratings you set. Although doing this data-based process allows for a dispassionate view, there are likely nuances in your ratings that would trump the algorithm calculation. Your team can then decide whether to tweak the algorithm, tweak the rankings, or leave as-is. The discussion of this decision can be very valuable, but ensure the team is not just "fixing" the results to get the desired outcome.A cross-functional team of MiTek team members called a Project Decision Team (PDT) meets monthly in a stage-gate process to continually evaluate the priority and progress of key initiatives and monitor markers that indicate whether the project is on track. We have been able to leverage key talent across the organization by selecting project "owners" from a variety of functions, including software development, engineering, and marketing.Projects submitted to the PDT require a strong business case as well as a feasibility analysis and financial projections. This approach provides better visibility of projects across the global company, narrows focus on the most valuable projects, enables data-based decision making and increases accountability and predictability in delivery.Once a prioritized list of initiatives is established, it fuels important decisions about resource allocation to ensure we're focused on the most impactful solutions for our customers and the most meaningful results for the company. Even though these decisions can often be uncomfortable (curtailing the churn and perhaps ignoring a "shiny object"), the process provides benefits, and it's worth it. Remember, the focus will get you further. Kristin WatsonWhether you're seeking to ensure focus in R&D, manufacturing, or other business operations, it's important to involve all relevant stakeholders in a common forum
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