After a lively brainstorming session, teams often end up with loads of exciting ideas. Now, the big question is: which ideas should we jump on right away, and which ones should we park for a bit? This is where the Priority Matrix comes in, helping us make those decisions a bit easier.
The Priority Matrix is a tool used to determine the best order in which to undertake tasks or projects based on their potential impact and the effort required.
By plotting tasks onto the matrix, individuals and teams can visualise and categorise activities into the sections, ‘Quick Wins‘, ‘Major Projects‘, ‘Pursue Later’ and ‘Deprioritise’. This facilitates decision-making, ensuring that time and resources are utilised optimally.
How To Complete The Priority Matrix Canvas
The Priority Matrix Canvas is made up of 2 sections- the Task List and the main section, the matrix.
1. Gather Tasks
Start by listing down all the tasks, projects, or initiatives you are considering in the ‘TASK LIST’ section. This will serve as a repository for all items before you evaluate them.
2. Determine Impact
For each task, evaluate its potential impact. Consider questions such as:
- What is the potential benefit if this task is completed?
- Depending on your goals, think about how completing the task will affect business results, customer experience, etc. If you’re completing this as a personal exercise, consider how the task aligns with or bring benefit to your individual goals, aspirations and daily life.
3. Determine Effort
Next, assess the effort required for each task. Think about:
- How much time and resources are needed?
- Do you have the necessary skills and tools available?
4. Plot Each Task
Based on your evaluations:
- Place tasks with high impact and low effort in the ‘QUICK WINS’ quadrant.
- Tasks with high impact and high effort go into the ‘MAJOR PROJECTS’ quadrant.
- Those with low impact and low effort fit into the ‘PURSUE LATER’ section.
- Lastly, tasks with high effort but low impact should be placed in the ‘DEPRIORITIZE’ quadrant.
5. Prioritise And Execute
Tackle the tasks in this order:
6. Review And Adjust
It’s essential to periodically reassess tasks in your matrix. As priorities shift, a task’s perceived impact and effort might change. Adjust your matrix to reflect these evolving needs.
7. Document Learnings
After completing tasks, reflect on the accuracy of your initial impact and effort evaluations. This will help refine your assessments for future tasks.
8. Share And Collaborate
If working in a team, share this matrix with members to ensure everyone understands priorities. Collaboration can also offer different perspectives on the effort and impact of tasks.