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Computerworld -
Most of us have more work than we can hope to accomplish in any given week. So one of the first bits of advice I give to new managers is to establish priorities early so that they can focus on the most important work, and triage work that doesn't contribute to meeting department goals.
When priorities aren't clear, people will choose what to work on at random. That may suit individual needs (for example "I enjoy working with Jane, so I'll do the widget fix first" or "I hate working on the Floo product, so I'll do that last"), but this type of decision-making probably won't help the group as a whole meet its goals.
How do you answer the questions "What should we work on first? What's the top priority?"
How you set priorities will depend on the context of your group. Here are some questions to help sort out what work is most important.
What's the Mission of Your Group?
Every group should have a mission: three to five goals or responsibilities that the group carries out. Long ago, I worked for a mutual funds company. One of the key responsibilities of my group was to provide accurate fund valuations to The Wall Street Journal every day by 3 p.m., and also to shareholder processing later that evening. We worked hard to make the WSJ cutoff so our funds would appear in the paper. But once or twice a year, we didn't have an accurate price in time for their deadline. When that happened, everyone knew what decision to make: We didn't send the price if we couldn't stand behind its accuracy. Communicating a clear mission for a team will help everyone make wise decisions about what work comes first.
How Does Your Company Make Money?
When you know how your company makes money, you can set priorities based on the activities that will generate revenue. On the opposite side of the balance sheet, you may need to set priorities to reduce costs. Don't forget about opportunity cost. For instance, if your company makes most of its sales in a limited window of time -- between Thanksgiving and Christmas for example -- opportunity cost must be part of your calculation.
Opportunity cost is the value of an alternative you pass up. Suppose Frank, a new manager, decides to save $10,000 by accepting late delivery on a server. Receiving the server late causes a delay in the project. The software ships late, and the company misses three weeks of the six-week market window to sell $1,000,000 worth of software. Frank's choice represents significant opportunity cost, potential one-half the expected revenue. (Frank's choice would also be a career-limiting move.)
IT departments may work on software that directly affects the bottom line, through enabling sales, fulfillment and shipping, or tracking delivery of goods to customers. When the software isn't tied to revenue, (e.g., payroll, accounting, management reporting, etc.), it's viewed as overhead. Focus on efficient operations and reducing the cost of building and supporting the software. Reducing the cost to find and fix defects can have a dramatic effect on the bottom line.
What Is the Vision for the Product?
When you have many customers who are making requests for changes in the software, it's easy to prioritize based on the squeaky wheel. But the customer who yells the loudest isn't always the one who generates the most revenue. When your company has strong product management, the product owner will answer questions about where the product is going and which changes have the best return on investment for the company. If you don't have a product owner, you'll have to do some legwork to answer the questions for yourself. What is the vision for the product? Is the company moving out of one market and into another? Which customers are most likely to buy new software or additional licenses?
What Will Help Get the Product Out the Door?
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