Topic Definitions #
Methods for Evaluating Ideas in Project
Introduction to Idea Evaluation
Expert Evaluation
In project management, most idea evaluations are often based on expert opinions. This method involves professionals with deep knowledge and experience in a specific field providing subjective assessments of ideas, tasks, or alternatives based on their expertise and intuition. Expert evaluations are an essential tool, especially in situations of uncertainty or when quantitative data is unavailable or difficult to obtain.
- What is Expert Evaluation?
Expert evaluation is the process in which specialists in a given area offer their opinions on how promising, realistic, or useful an idea, project, or proposal is for achieving specific goals. Experts may assess a wide range of factors, such as technical feasibility, economic viability, timelines, risks, and expected outcomes. These evaluations are typically based on the experts’ previous experience, their knowledge of the industry, and their ability to foresee potential challenges or successful outcomes.
- Why are Expert Evaluations Important?
- Expert evaluations are crucial because many ideas and proposals, especially at the early stages of planning, cannot be accurately measured or evaluated using quantitative methods. Experts help fill in data gaps and provide qualitative judgments that take into account complex, often hard-to-formalize factors. While these assessments may be subjective, they are often highly accurate due to the experts’ extensive experience and understanding of the project context.
- Relying on expert evaluations is entirely appropriate, especially when quantitative data is limited or the process is too complex for precise calculations. Experts’ subjective opinions help speed up decision-making and guide the team towards the most likely successes or potential risks. However, it’s essential to remember that expert evaluations, like any other method, should be part of a comprehensive approach to idea assessment, incorporating both qualitative and quantitative data.
Project Idea Evaluation Methods #
Goals: #
• Deciding which ideas to include in the project;
• Determining the most valuable ideas and their potential impact on the project;
• Allocating resources between tasks;
• Mitigating risks by thoroughly assessing alternatives.
Let’s take a closer look at some popular evaluation methods that can be applied for these purposes.
1. Impact and Effort Evaluation #
The impact and effort evaluation method allows teams to analyze ideas based on two factors:
Ideas are classified into four main categories, as shown in the image:
The image also shows intermediate positions, such as tasks with moderate effort and impact, which may be tackled if resources allow. This method helps project teams quickly identify which ideas will bring the greatest benefit for the least cost.
2. Team Voting #
The impact and effort evaluation method allows teams to analyze ideas based on two factors:
The process typically involves: #
1. Presenting ideas for the team’s consideration.
2. Each team member votes for a set number of ideas they think are the most important.
3. The ideas with the most votes become prioritized for further development.
The image illustrates various types of voting that can be used within this method:
Using these methods helps teams objectively evaluate and prioritize ideas, incorporating the input of each team member, making the decision-making process more transparent and democratic.
3. Impact Mapping #
Impact Mapping is a visualization method that helps link business goals with specific actions and outcomes, providing clarity on how various factors affect project success. It is a tool that allows teams to focus on actual business needs, identify key actors and their actions, and predict how their behavior may influence project outcomes.
The image above shows the following steps to apply the Impact Mapping method:
Define the Goal: #
- The first step in the process is to clearly define the business goal the project is aiming to achieve. It’s crucial to answer the question “Why?” — why is this goal important to the business, what problem does it solve, and how will it contribute to success?
Identify Key Actors: #
- Next, it’s essential to identify “Who?” — the key actors who can influence the achievement of the goal. These could be both external and internal stakeholders, such as users, customers, or employees. Each actor affects the project in different ways, and this impact must be considered.
Analyze the Impact: #
- The following step is to answer the question “How?” , — how can the behavior or actions of the actors influence the business goals? It’s important to identify both the positive and negative impacts of each action on goal achievement. The diagram shows how actors’ actions are linked to different levels of impact.
Determine the Deliverables: #
- Finally, you need to answer the question “What?” — what results or key project elements (such as epics, features, or user stories) will be delivered if the goals are achieved. This stage involves defining the specific product elements needed to realize the goal.
4. Expected Monetary Value (EMV) #
The Expected Monetary Value (EMV) method is based on using probabilities and monetary estimates to evaluate different scenarios for executing ideas. It helps assess the expected cost or benefit of implementing an idea, taking into account possible risks and the likelihood of their occurrence. The formula for calculating Expected Monetary Value (EMV) :
EMV method is often represented as a decision tree, which involves the following steps:
• Deciding which ideas to include in the project;
• Determining the most valuable ideas and their potential impact on the project;
• Allocating resources between tasks;
• Mitigating risks by thoroughly assessing alternatives.
Metrics and Analytics #
Using metrics and analytical tools to assess progress and make informed decisions. The focus is on metrics that truly matter for the business’s success.
