Project Priority Matrix – Project Priority Matrix Analysis – Project Priority Matrix Framework – Business are often facing a number of competing projects. Prioritizing between projects becomes essential in order to maximize benefits for a company.
A project priority matrix is a great management tool to selecting those engagements that carry the highest benefits to an organization. The matrix divides all projects by the ease of implementation and their impact. Highest impact and the easiest to implement projects should be completed first. The projects are divided between quick wins, must haves, low hanging fruit and money pits. See the priority matrix below.
Strategy Matrix – Strategy Matrix Analysis – Strategy Framework – Many strategy analysis frameworks have been developed over the years. The strategy matrix tries to define the outcome of the various strategies by identifying whether the activities facing the firm are core vs. critical vs. commodity and whether a firm wants to produce, partner or purchase the good from another supplier.
If a firm defines something as its core, i.e. the ultimate strategic value, then it should not purchase this service from another supplier, otherwise it is risking to lose the competency. The matrix effectively tells you whether the strategy is a good one depending on the type of activity and purchasing strategy.
Force Field Analysis – Force Field Analysis Framework – Force Field Business Methodology – Force field analysis is an approach to depict various forces or factors that are influencing a given business situation. It divides all relevant business forces into those that are supporting the goal and those that are hindering it. Furthermore, it identifies a perceived magnitude of each of the forces.
The force field framework is also used in social psychology and organizational development. The relevant forces are changing over time and you need to update the analysis as required. The following is an example of the force field analysis.
Affinity – Affinity Diagram – Affinity Analysis – Affinity Framework – Affinity diagrams are used to organize ideas and data during a brainstorming session. The ideas are grouped and segmented by various topics and/or relationships. Affinity diagrams are usually completed on yellow post notes.
The affinity charts are widely used within the practice of project management are one of the key 7 management and planning tools. This is also often referred to as a KJ Method. Essentially, the affinity process consists of two main steps – 1. record your ideas 2. look for relationships and organize ideas into meaningful buckets.
Value Net – Value Net Analysis – Value Net is a business framework that recognizes relationships between a company, its competitors, customers, suppliers and complementors (i.e., complementing products). This methodology focuses on competitive analysis and is somewhat similar to Porters Five Forces. Value net framework emphasizes linkage between the key competitive forces and firm’s complements.
The framework helps identify rivals, partners, suppliers, customers and connections between them, including competitive dynamics and power relative to the key players in the industry. Overall, Value Net model is a good approach to solving business problems in relation to company’s competitive position.