10 signs that indicate poor prioritization of projects in your organization - part 3

?? Let's talk about a common problem plaguing portfolios everywhere: Pet Projects. ??

Pet Projects are those sneaky little projects that consume valuable resources but deliver little to no value in return. They're like the black holes of portfolios, sucking up time, money, and effort without giving much back. But fear not because I've got some tips to help you control these pesky projects and streamline your portfolio.

First things first, it's time to broaden your ideation. ??

Instead of chasing every shiny new trend that comes along, focus on ideas that align with your organization's goals and objectives. This will help you filter out those potential Pet Projects from the get-go.

Next up, prioritize based on value. ??

It's easy to get caught up in the excitement of innovation, but make sure you're investing in projects that will truly benefit your organization. Use a prioritization matrix to identify which projects will deliver the most value and eliminate the ones that don't make the cut.

Now, let's talk about the power of collective decision-making.

Select projects as an organization involving key stakeholders in the decision-making process. This not only ensures that projects align with strategic objectives but also promotes accountability and buy-in from all parties involved.

Managing the budget through multiple portfolios is another crucial step. ??

By categorizing projects into different portfolios, you can allocate resources more effectively and prevent pet projects from draining your budget. This also allows you to monitor the progress and impact of each portfolio separately.

Last but not least, track value delivery. ??

Regularly assess the outcomes and benefits of your projects to ensure they're on track to deliver the value they promised. If a project starts to show signs of being a Pet Project, don't hesitate to make the tough decision to cut it loose and redirect resources to more valuable initiatives.

Remember, we all make mistakes, but the key is to learn from them and continuously improve our project selection processes.  By implementing these strategies, you'll be well on your way to a leaner, more efficient portfolio that delivers maximum value.         

Have you ever had to deal with a Pet Project? Share your experiences ??

Thank you for reading