Portfolio prioritisation
Make confident portfolio investment decisions on early-stage innovation projects using IfM’s prioritisation framework.
In the early stages of technology or innovation projects, it is often necessary to prioritise and select which projects to invest in and which ones to discount when only limited information is available.
Ideally, to select a new project, a full business plan would be created and those that would make the best contribution to the bottom line are selected. But often, and especially for projects in their early stages, there may simply not be enough valid information to do this, and time and resources are limited. Yet decisions often have to be made, anyway.
Make confident portfolio investment decisions on early-stage innovation projects using the IfM’s structured framework.
In the early stages of technology or innovation projects, it is often necessary to prioritise and select which projects to invest in and which ones to discount when only limited information is available.
Ideally, to select a new project, a full business plan would be created and those that would make the best contribution to the bottom line are selected. But often, and especially for projects in their early stages, there may simply not be enough valid information to do this, and time and resources are limited. Yet decisions often have to be made, anyway.
HOW WE CAN HELP
IfM Engage offers a practice-oriented portfolio prioritisation tool including a scoring framework to help make the best use of the information available at an early stage. The tool is quick to use and can be customised to evaluate the opportunity and feasibility of projects in different contexts. The process involves assessing projects against a number of appropriate factors so that more robust decisions can be made.
Our portfolio prioritisation tool and consultancy service offers:
- Objectivity – score projects based on appropriate criteria so the decision-making process is fair, transparent and avoids cognitive bias.
- Flexibility – revise and adapt the process easily creating new scoring criteria for different contexts.
- Efficiency – reduce the time spent debating which projects to select and arrive at an agreed outcome.
- Consideration – account for wider management issues when selecting projects.
- Objectivity – score projects based on appropriate criteria so the decision-making process is fair, transparent and avoids cognitive bias.
- Flexibility – revise and adapt the process easily creating new scoring criteria for different contexts.
- Efficiency – reduce the time spent debating which projects to select and arrive at an agreed outcome.
- Consideration – account for wider management issues when selecting projects.
FEATURED RESOURCES
Video – Structured decision-making in uncertain times
Case study – Prioritising projects objectively at Grundfos
FEATURED RESOURCES
Video – Structured decision-making in uncertain times
Case study – Prioritising projects objectively at Grundfos
THE PROCESS
The tool is applied in a short workshop where participants work through a sequence of stages to achieve a prioritised list of projects.
- the importance of treating measures of opportunity and feasibility separately;
- how to choose the factors;
- how to ensure that the scoring is as logical and objective as possible;
- how to manage the scoring process carefully to avoid cognitive biases;
- how to include the inevitable uncertainty;
- insights into how to manage the process.
The tool uses a multi-factor scoring method to determine a project’s best and worst case opportunity and feasibility score. The results can then be plotted in different ways to help the decision process.
PART OF THE SCALABLE TOOLKIT PLATFORM
The Portfolio Prioritisation Tool described is often used in conjunction with other tools to improve the quality of information and decision-making. For example, project and portfolio selection methods are often used in conjunction with roadmapping, which helps to identify innovation opportunities, provide context, and also to elaborate the details of particular options to aid their evaluation.
FEATURED CASE STUDY
“The structure of the tool and the anchoring statements makes for much more concrete discussions than we used to have. We get a lot of “buy-in” from this process.”
Hans Jørgen Klein, Head of the Production Technology Department, Grundfos
FEATURED CASE STUDY
Hans Jørgen Klein, Head of the Production Technology Department, Grundfos
ENGAGE WITH US
Strategic Technology & Innovation Management Consortium (STIM)
STIM is a vibrant network of industrial member companies and researchers who share best practice and develop practical solutions to current and emerging technology and innovation management challenges. The Consortium’s goal is to build a sustainable collaborative research-practice network delivering benefits to both industrial and academic communities.
Consultancy
services
Our global network of portfolio prioritisation experts combine the latest insights with senior level industry experience. We take a collaborative approach and understand our client’s individual objectives and draw from research, world-class tools and industrial knowledge to empower impactful decisions and action.
ENGAGE WITH US
Strategic Technology & Innovation Management Consortium (STIM)
STIM is a vibrant network of industrial member companies and researchers who share best practice and develop practical solutions to current and emerging technology and innovation management challenges. The Consortium’s goal is to build a sustainable collaborative research-practice network delivering benefits to both industrial and academic communities.
Consultancy services
Our global network of portfolio prioritisation experts combine the latest insights with senior level industry experience. We take a collaborative approach and understand our client’s individual objectives and draw from research, world-class tools and industrial knowledge to empower impactful decisions and action.
HOW THIS SOLUTION WAS DEVELOPED
The IfM’s Portfolio Prioritisation Tool is developed through research conducted at Centre for Technology Management (CTM) at the Institute for Manufacturing. CTM works with organisations at all stages of technological development, aiming to provide comprehensive support from early stage exploration, through multi-business unit technology strategy to end-of-life issues.
FEATURED EXPERT
Nicky Athanassopoulou
HOW THIS SOLUTION WAS DEVELOPED
The IfM’s Portfolio Prioritisation Tool is developed through research conducted at Centre for Technology Management (CTM) at the Institute for Manufacturing. CTM works with organisations at all stages of technological development, aiming to provide comprehensive support from early stage exploration, through multi-business unit technology strategy to end-of-life issues.
FEATURED EXPERT
Nicky Athanassopoulou
GET IN TOUCH
Contact us to find out more about how we can help you to make confident portfolio investment decisions on early-stage innovation projects through a robust portfolio prioritisation tool.