At any point in time, life does not give us everything we want. Resources are always limited, whereas demands are unlimited. I still remember my school days, having 5 bucks in hand and queuing up in front of canteen window. While talking, smiling, laughing with friends one question that I constantly think was – ‘What is the best combination of goodies that I can be buy today?’ Well things are not much different now; in personal life, I still have same question, ‘What is the best combination of goodies that I can buy for house and family’. Similarly, in professional life, I constantly focus on tasks that I should be undertaking to deliver best value to my client.
At the end it goes back to art of prioritisation. I thought it is probably good idea to design a framework that can help prioritise almost anything.
Ready? Here you go!
- Know your vision/mission/goal – Know your goal first. Probably write it down. If you are prioritising in working group (family, team) then it vital that there must be a written goal for prioritisation exercise. For example, if you are prioritising investment options your goal could be, ‘Making short term investment to get returns better than bank deposit’.
- Determine constraints (time, resource, political, regulatory) – Determine the list of constraints under which you are prioritising. For example, maximum investment – $500000, time – within 2months, regulatory – must be approved by board.
- Group the options into logical sequence – If you have a big list of options to evaluate, then group similar options together. For example, for investment; you can group together options of investing in stocks, real-estate, gold etc.
- Determine dependencies for each of the options – It is quite possible that list of options that you are considering to prioritise are interdependent or dependent on outside factor. Note that dependencies can be functional, technical, resource, political etc. For example, being American citizen you may not be able make real-estate investment in India/Russia.
- Determine your approach – You can think of different strategies to execute your prioritisation list. You can divide your priority list into more than one group and then execute each group incrementally. Alternately, you can prioritise the complete list of options and execute all at once. For example, you can invest $100,000 after each week (for 5 consecutive weeks) or you can decide to invest $500,000 in one go. Each approach has its own pros and cons.
- Determine ‘AND’ options rather than ‘OR’ – Often we decide one option over the other. It does not always need to be like that. Analyse if there are any ‘AND’ options available. For example, rather then deciding investment in one stock over the other, you can split up your investment to invest in both equally good stocks.
- Estimate on the prioritised list – Prepare an estimate for each option. Estimate can be in units of currency, man-hours or effort.
- Adjust options to prepare prioritised list – Now you have good information to prioritise the final list. Based on points covered above make adjustments to the options and prepare final priority list that satisfies your goal, dependencies, constraints and approach.
Finally, like many other management challenges there is no silver bullet to prioritise effectively. Different techniques work in different set of situations. The key is to constantly assess and refine your tool-set to prioritise.
Now, can you relate to the above framework? What more you can add to the framework to make it even better? I would encourage you to apply this framework to your next prioritisation puzzle and let me know your experiences. I would love you hear from you.