One of the biggest challenges for project managers is to prioritize the tasks and projects that matter. When you’ve only got a faint idea of how to prioritize tasks try using the Task Prioritization Matrix Template.
The Prioritization Matrix tool can also be used to decide which tasks should be prioritized if the resources are limited (time, experts, machines, etc.).
The following steps need to be taken to put a Prioritization Matrix together –
Agreeing on the criteria -
Which criterion will be scored and measured for each proposal.
Setting the grading values -
Each criterion must receive a grade, which depicts how it aligns.
Assigning weights to each criterion -
Agree on which criterion has the largest impact on the company.
Create the matrix -
List the criterion in the left row, their weight in the next column, and the values in the following column.
Column wise -
Add the projects from the fourth column on wards.
Calculate the grade -
Multiply each criterion's weight by the grade value for each project.
Check out the below video to create a task priority matrix which is a approach of categorizing the tasks you have into Critical, High, Medium and Low.