The Project Selection Template is designed to provide management with information that supports the project selection process to ensure business priorities are taken into account. It helps identify the most appropriate improvement projects and prioritize them based on their potential impact to the business. This can also drive management commitment by giving them an opportunity to contribute to the continuous improvement effort.
This worksheet uses two methods to help in the project selection process: the Project Prioritization Matrix (PPM) and the Pareto Priority Index (PPI). Both are numerical scoring methods used to determine the relative value of various improvement projects, and allow to compare among them in order to select the most promising and profitable.
This template runs in Excel, and you can modify it for your own use. For example, you may want to re-design the score interpretation of the PPM to better guide your decision based on your particular situation. You can also use whatever parameters in both methods that are relevant to your situation. “Learning Opportunity” for example might replace the “Time to Completion” parameter in the PPI.
Later and after selecting the most promising and profitable improvement projects, project managers and team leaders may use the project tracking template to monitor and track progress. Please help us to make this template better by providing us with your comments or suggestions.