This project selection template is designed to support the project selection process. It allows the identification of the most appropriate improvement projects and subsequently prioritize them according to their potential impact on the business. By doing so, this tool ensures business priorities are taken into account and contributes to the ongoing effort for continuous improvement.
This template uses two distinct methods to select the most appropriate projects: the Project Prioritization Matrix (PPM) and the Pareto Priority Index (PPI). Both of these are numerical scoring techniques used to determine the relative value of projects based on certain criteria. The utilization of these methods allows to compare among various improvement projects in order to select the most promising and profitable.
This template runs in Excel, and you can modify it to align with your unique requirements. For example, you can adjust the PPM score interpretation to better suit your situation or modify the parameters in PPI to match your specific needs. You can also replace the “Time to Completion” parameter in the PPI with a different one like “Learning Opportunity” to make it more relevant to your context.
Later and after selecting the most promising improvement projects, project managers and team leaders may use the project tracking template to monitor projects and track their progress.
Project Selection Template (32 KB)
Project Selection Template (168 KB)
Pareto Priority Index Template (170 KB)