The Impact-Effort Analysis (Cost-Benefit Analysis) is a tool that you can use to prioritize a long list of possible activities.
To prioritize projects, you should think about two attributes - the Cost and the Benefits.
The cost of a project is the time, money, resources, people and focus that might go into making a project a reality.
The benefits of a project should include all of the positive outcomes of a project - financial improvement risk mitigation, quality improvement, product innovation, value delivery, brand improvement, customer service improvement.
To complete a cost-benefit analysis, you should start with a list of activities to prioritize.
Then, you should think about the cost of the project and give that cost a ranking (Low/Medium/High), and also rank the benefits of the project (low/medium/high).
By going through this analysis, you can focus your team on the projects that will reap the biggest benefit, at the minimum cost - and maximize your ROI.
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12 мар 2023
