Big Sky's Insider Newsletter, September Edition
This month, we're featuring some fantastic articles and tools that will help you figure out how in the heck to get the most value out of the resources you've got. Start optimizing your projects today and find some extra time to drink pumpkin spice lattes and jump into piles of leaves next month!
Strategic Resource Allocation: The Game
Test out a simple online app we designed to suggest optimal levels of effort for a portfolio of projects. Plug in a couple of data points and get an instant visual report. Don't worry, we won't tell your boss that the app did it for free and didn't need to take any coffee breaks.
Discover What Matters Most
What do you do when “what needs to be done“ exceeds the resources available to accomplish the work? Project Prioritization Matrix to the rescue! This guide published by the University of Wisconsin walks you through developing this simple tool to help you identify and prioritize which projects are the most important, so you can focus on those first. Added bonus: you will also see which projects should be placed on hold or discontinued.
Use Simple Math to Make Complex Project Selection Decisions
Follow this step-by-step process to formulate an optimization model and select a project that optimally maximizes profit or minimizes expense, using just a spreadsheet and basic algebra.
This white paper, published by the Naval Postgraduate School, is a valuable and comprehensive primer on quantitative risk-based concepts. Professors Dr. Johnathan Mun and Dr. Thomas Housel make an airtight case for considering risk when making strategic decisions, and focus in detail on techniques including Monte Carlo simulation, real options analysis, stocahstic forecasting, and portfolio optimization.
How To Choose an Initiative From an Infinite Universe of Initiatives
NASA, like many federal agencies, has a vast collection of initiatives and projects to execute with a limited amount of resources. This article describes the solution they found to this issue -- a project portfolio process. The process is systemic and data-driven, helping the agency to eliminate confusion, develop the portfolio mix, and minimize risk while making use of valuable resources in order to achieve portfolio optimization.