How do you select projects for different domains?

When setting up a portfolio of projects it is important to keep an eye on how value is assessed. The customer, patient, or provider perspective provides clarity on investment priorities. Employing a mechanism to articulate a project's direct, indirect or supportive impact to a customer helps to prioritize across disparate business units and competing demands for resources.

When selecting projects for different domains, there are several factors to consider. it is important to assess the expertise and experience of the team members. This ensures that the project aligns with their skills and knowledge. Secondly, the project's goals and objectives should be evaluated to ensure they are in line with the domain's requirements. it is crucial to consider the potential impact and benefits of the project within the specific domain. By carefully considering these factors, projects can be selected that are well-suited for different domains.

Selecting suitable projects across various domains involves a multi-step approach. First, define strategic alignment, value creation, and feasibility selection criteria. Second, evaluate and prioritize potential projects based on these criteria, weighing their benefits, costs, and risks. Third, please review and adjust your selections; project management is an ongoing process that requires regular monitoring and outcome measurement. Lastly, prioritize quality over quantity, selecting projects that hold interest and match your skill set. These steps facilitate optimal portfolio performance across domains while ongoing feedback and coaching refine decision-making skills.

??In my experience, grasping the domain context is crucial for effective project selection. ??Market Analysis Investigate current trends and opportunities in the domain to align projects with market needs. ??Risk Assessment Evaluate potential risks and uncertainties, ensuring project choices are well-informed. ??Goal Alignment Ensure that projects align with the domain's objectives, filling gaps and addressing current issues. ??Understanding the domain context thoroughly informs and optimizes project selection.

It is essential to involve the main stakeholders in each area to support the definition of the criteria to be used and the specific balancing of these criteria when discussing projects that are not related to a financial return. Another point that is fundamental is to ensure planning regarding the maturity of the idea, in such a way that ideas with very low maturity are only really prioritized once they have a minimum level of maturity.

Selecting projects across diverse domains echoes Peter Drucker's words "Efficiency is doing things right; effectiveness is doing the right things." Start by defining domain-specific criteria that matter most, prioritize alignment with your organization's strategy, and involve domain experts early on. It's not a one-size-fits-all process but rather a dynamic, context-specific endeavor. Continuous assessment, transparent communication, and a willingness to adjust the portfolio as the domain evolves are key elements of a wise PPM strategy.

Two other common tools used in the market are the calculation based on weights and matrix defined by the organization and the G.U.T. calculation (severity, urgency and tendency).

One of the most important concepts of Portfolio Management is: Stop Starting; Start Stopping. We need to regularly review our Business Cases to see if our portfolio is delivering the expected benefits. We should not be attached to the money we have already spent. We should be ready to make tough decisions and stop projects that are not adding value.

Dynamic portfolio rebalancing! As the market changes, new opportunities arise and strategic priorities shift it is key to allow the organizations to stay agile and responsive. Too many times, projects are not stopped, even though they do not provide any alignment with the company's goals and will not benefit the business.

One thing that is important to highlight is that the presentation of the idea which will or will not be considered in the approved portfolio is important. There are several ways, however, two that I recommend are the ideas form and the PM Canvas. Both list the main information linked to that idea so that the organization's senior management can define, based on the strategic plan, the portfolio that makes sense for the subsequent year.

Project portfolio selection methods can be combined to create a comprehensive evaluation, using both quantitative and qualitative approaches. Practical factors like data quality, stakeholder involvement, and governance should also be considered. Reliable data is crucial and should be regularly updated. Engaging stakeholders and maintaining clear communication are key, along with establishing a consistent process and conducting regular portfolio reviews to ensure alignment with strategic goals.

When choosing projects for different domains: 1. Stakeholder Input: Gather insights from domain experts to ensure project relevance and feasibility. 2. Market Trends: Analyze current and emerging market trends to select projects with strategic value. 3. Technological Fit: Evaluate if existing technology stacks and tools can support the new projects effectively. 4. Risk Assessment: Perform detailed risk evaluations to foresee potential challenges in project execution. 5. Resource Availability: Check resource availability to ensure the project can be staffed appropriately without overextension. These considerations help make informed decisions tailored to each domain's specific needs.