Find your oysters, white elephants, pearls or bread and butter projects. This prioritization template will force you to deal with resource issues. Oysters are hard projects with a low success probability, but a high business value if successful. Bread and butter initiatives are projects which have a high chance of succeeding, but a relatively low business value if successful. Pearls are easy projects with large value – they are often oysters that have come close to succeeding and may provide sustainable benefits for your business. Don't follow up with the white elephants as they are projects that are unlikely and not valuable.
This template is commonly used by project managers, product managers, marketing managers and CXOs (chief officers for anything). Probability of success (y-factor)
Criteria for this y-factor
- Technical: What is the probability of technical success?
- Commercial: What is the probability of commercial success?
Criteria for this x-factor
People or work-month allocated to the project (bubble size)
- NPV (net present value): What is the expected NPV of the project?
- Benefits after years of launch: How big are the long-term benefits of this project?
- Market value: Does this project increase your market value?
Definition of the bubble size factor: How many resources do you need to spend on this project?