Continuing on from my post, Why prioritize projects?, prioritization is important because,
- It provides focus to the more important initiatives. Companys can concentrate on what really matters to them and not be distracted by the latest fad.
- Money, time and people are scarce resources. Proper management and effective use of these resources can only benefit a company.
- In order to prioritize projects you much be able to compare them against each other objectively. This apples to apples comparison removes bias from decision-making.
- Clear direction and visibility to everyone in the company, not just the main decision-makers. Everyone is on the same page. We all know what can happen when things are not clear.