How can you prioritize process improvements based on impact and feasibility?

1 What is impact and feasibility?

Impact and feasibility are two dimensions that can help you evaluate and compare different process improvement opportunities. Impact refers to the potential benefits that a process improvement can bring to the organization, such as increased revenue, reduced costs, improved quality, or enhanced customer experience. Feasibility refers to the ease and likelihood of implementing a process improvement, considering factors such as resources, time, complexity, dependencies, and risks. By assessing the impact and feasibility of each process improvement, you can determine which ones are more valuable and realistic to pursue.

2 How to use the impact-feasibility matrix?

The impact-feasibility matrix is a useful tool to prioritize process improvements based on their impact and feasibility. This 2x2 grid plots the impact and feasibility of each process improvement on the vertical and horizontal axes, respectively. It divides process improvements into four quadrants: Quick wins, Major projects, Fill-ins, and Thankless tasks. Quick wins have high impact and high feasibility, so they should be prioritized and implemented as soon as possible. Major projects have high impact but low feasibility, so they should be carefully planned and managed with sufficient budget and support. Fill-ins have low impact but high feasibility, so they should only be considered if there is spare capacity or resources, or if they are prerequisites for other process improvements. Lastly, Thankless tasks have low impact and low feasibility, so they should be avoided or eliminated as they are likely to waste time and resources.

3 How to score impact and feasibility?

To use the impact-feasibility matrix, you need to assign a score to each process improvement for its impact and feasibility. There are different methods and criteria to score impact and feasibility, depending on the context and scope of the process improvement. However, a simple and common approach is to use a scale of 1 to 5, where 1 is the lowest and 5 is the highest. For example, you can score impact based on the estimated return on investment (ROI), customer satisfaction, or strategic alignment of the process improvement. You can score feasibility based on the availability of resources, time, skills, or support for the process improvement. You can also use a weighted average to combine multiple criteria for impact and feasibility.

5 How to use the impact-feasibility matrix for decision making?

The impact-feasibility matrix can help you make informed and objective decisions about which process improvements to prioritize and implement. With this tool, you can identify quick wins and major projects with high impact and feasibility, evaluate the trade-offs and risks of major projects with high impact but low feasibility, review fill-ins and thankless tasks with low impact and feasibility, and communicate your prioritization plan to stakeholders. By using this tool, you can align your process improvement initiatives with your strategic goals, optimize your resources, and deliver value to your organization and customers.