PP Proj II

Prioritizing Projects

Victor King

CSU

8/11/15

Explain whether project management techniques are appropriate for this project and why.

Project management techniques focus on scheduling, resource allocation, and efficient utilization of time. The project is made of many different tasks, which much be completed within a specific timeframe (Kerzner, 2013). The project requires project management techniques to ensure tasks organized based on importance. It also ensures that there is an efficient use of resources to avoid wastage.

Describe the strategic planning process involved in this project.

The strategic planning process involves planning the achievement of the tasks within the project based on their deadline. Strategic planning accounts for resources, time, and labor, which are all needed for each task. It is smart to start with the assignment on the creation of multimedia learning tools and the update on textbooks. The strategic planning process involved determining the most urgent projects, the available resources, the source of funding, time, and labor. All these factors should be carefully utilized to ensure a plan that makes it possible to complete all tasks on time is developed.

Choose five key topics that you would use as criteria for prioritizing projects, and then use a weighted scoring matrix that includes at least two financial criteria to determine how you would evaluate the components of your project.

The five key topics that can used as prioritizing criteria are potential revenue, ease of implementation, the estimated cost of the project, customer satisfaction, and competitive advantage. Each criterion represents a factor that can either put the organization at an advantage or disadvantage.

The weighted matrix contains the five criteria used to prioritize the project. It includes two financial criteria, which are potential revenue and estimate cost of the project.

Criteria Based Matrix
Criteria	Scoring	Component 1	Component 2	Component 3
Potential Revenue	Rating	3	5	3
	Weighting	4	5	5
	Score	12	25	15
Estimated Cost	Rating	4	3	3
	Weighting	3	4	4
	Score	12	12	12
Competitive advantage	Rating	3	5	4
	Weighting	4	4	3
	Score	12	20	12
Customer Satisfaction	Rating	5	5	3
	Weighting	4	5	3
	Score	20	25	9
Ease of implementing	Rating	5	2	1
	Weighting	4	2	2
	Score	20	4	2
	Total Score	76	86	50

The weighting number is allocated on a scale of 1 to 5 with increasing importance to the business. The rating touches on the impact the project has on each criterion based on a scale of 1 to 5. Component 1, 2, and 3 refers to the curriculum update, creation of multimedia learning tools and need to enter college book market respectively.

Based on the criterion-based matrix, the creation of multimedia learning tools and curriculum update should be done sooner than the entry into the college book market.

References

Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling, and Controlling (11th ed.). Hoboken, N.J: John Wiley & Sons.