#It priority matrix template how to
How to create a time/performance/cost matrix Enhance: Actively work to increase this factor.Accept: Let this factor be as large as necessary.Constrain: Actively work to decrease this factor.This matrix maps time, performance, and cost against three actions: Also, a high-quality product might result, but behind competitor products or at a cost that most of the target market don’t want to pay, leading to poor sales. For a start, at some point you’ll hit diminishing returns: extra money or time only slightly improving quality. But it’s rarely useful to just throw time and money at a project. More money will also often allow better performance. Typically, you’ll get a better level of performance if you allow more time for the project. These three priorities interact and compete in any project. Table: Simple example of a project priority matrix Cost: how much the project will cost the company or how much the end product will cost the consumer.Performance (or scope): how many features, or the level of quality, in the project.
Time/Performance/Cost Project Priority MatrixĪ super simple version of a priority matrix maps three basic, competing priorities in any project: Which area of a large project requires the most attention.Which feature your team should start next.Use a project priority matrix when you need to decide: It can also be used to prioritize projects themselves, although opinions are mixed on whether this usage is a good idea. A project priority matrix – also known as a prioritization matrix – can help you to work out and negotiate priorities for a project.