DACE YOUNG PROFESSIONALS COLUMN DACE YOUNG PROFESSIONALS COLUMN DACE YOUNG PROFES Prioritizing projects What if I ask you to choose between the seat and the brakes of your bike? How do you evaluate what part is more important? Tough, right? A very similar problem is faced by asset managers, when they have to prioritize projects in their project portfolio. Assets can be anything ranging from machinery to infrastructure. Hence these project portfolios are also quite diverse and huge depending on the industry and scope. Going back to the question, on choosing between the brakes and the seat of your bike, you can ask me, why do we even have to make this choice? Well, project environments have only become dynamic overtime. Limited funds, uncertainties, risks and resources to carry out projects are few of the reasons why there is often a need to choose the priority of executing projects. Let’s say you have enough money for doing either the brakes or the seat for the coming three weeks. Now prioritizing comes into picture. Columnist: Akshaya Bomanwar. For her masters final thesis at de TUDelft Akshaya Bomanwar developed a decision-making tool for Schiphol Airport. In this article she explains an approach towards developing a framework for prioritization of projects for an existing asset portfolio. Figure 1 - Decision making framework. 00:14
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