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6 Prioritization Strategies for Construction Project Owners

by Uneeb Khan
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Prioritization increases the success rate of projects by helping owners determine which ones are the most urgent and important at any given time. Many owners also make use of optioneering platforms like ALICE Technologies to help manage projects, whether it’s to assess the cost impact of design changes or make more informed financial projections.

Knowing how to prioritize projects can be beneficial. Factors that are often taken into consideration include required skill sets, the amount of capital needed, and other important metrics like performance bonds. A well-implemented strategy should align goals between senior management and operational teams.

In this article, we go over prioritization strategies for construction project owners.

What is construction prioritization?

Construction prioritization is the process of determining which construction projects should be given priority in terms of funding, resources, and scheduling. This process can be undertaken by government agencies, developers, or other entities with a vested interest in the construction industry. 

The goal of construction prioritization is to ensure that the most important or pressing projects are completed in a timely and efficient manner. 

There are a number of factors that can be considered when prioritizing construction projects. These include:

  • The economic impact of the project
  • The importance of the project to the community
  • The feasibility of the project
  • The environmental impact of the project
  • In some cases, politics may also play a role

The process of construction prioritization can be controversial, as there can be a great deal of disagreement over which projects should be given priority. This debate is often complex and heated, as there are many different stakeholders involved in the construction industry. 

Ultimately, the decision of which projects to prioritize is a balance between meeting the needs of the community and ensuring that the projects are feasible and will have a positive impact on the community.

6 prioritization strategies for increasing construction efficiency

There are a lot of factors that go into deciding which construction projects to prioritize, and it can be tough to know where to start. As a project owner, it’s important to take time in carefully considering which projects will have the most impact on your business.

Here are some strategies for prioritization to increase efficiency.

1. Consider the timeline and schedule

A common method for prioritizing construction projects is to examine their schedules. Some projects may need to be completed sooner than others, so it’s important to take the timeline into account when prioritizing. 

If you have a project that is time-sensitive, it should be at the top of your list. On the other hand, if you have a project that can be completed over a longer period of time, it may not be as urgent and can be moved down on the list.

Prioritization is often done by looking at the critical path for each project, which identifies the longest chain of activities that must be completed in order for the project to be finished on time. By identifying which projects have the longest critical paths, you can prioritize them accordingly.

2. Conduct a cost analysis

Cost is another important factor to consider when prioritizing construction projects. If you have a limited budget, you’ll need to choose the projects that are most important and will have the biggest impact. On the other hand, if you have a large budget, you may be able to afford to prioritize more projects.

One of the most straightforward ways to prioritize construction projects is to simply compare their costs. This can be done in a number of ways, but a simple cost-benefit analysis is often sufficient. By comparing the estimated cost of each project with its potential benefits, you can quickly identify which projects are likely to be the most cost-effective.

3. Think about which projects carry the most and least risk

Some projects are simply riskier than others, and these risks need to be taken into account when making decisions about priorities. If you’re not sure whether a project will be successful, it’s important to weigh the risks and benefits before deciding to prioritize it.

A thorough risk analysis can help you identify which projects are likely to experience the most problems and which ones are likely to be successful.

4. Prioritize based on impact

Some projects may have a bigger impact on your business than others. For example, if you’re expanding your business, you’ll want to prioritize projects that will help with the expansion. On the other hand, if you’re simply renovating an office space, the impact of the project may not be as significant.

Think also about community impact and visibility—which projects will make the largest impact and affect the long-term reputation of your construction firm?

5. Make a decision based on stakeholders

When making decisions about priorities, it’s also important to consider the stakeholders involved in each project. Some projects may be more important to certain stakeholders than others, and this should be taken into account when making decisions about priorities. 

A stakeholder analysis can help you identify which projects are likely to be the most important to the stakeholders involved.

6. Perform a life cycle analysis

Finally, another consideration that can be used to prioritize construction projects is their life cycle. A life cycle analysis looks at the total cost of a project over its entire lifetime, rather than just its initial cost.

By taking into account the costs of maintenance and repairs, as well as the expected lifespan of the project, you can get a more accurate picture of its true cost. This information can then be used to prioritize projects accordingly.

Prioritization can be tricky, but it’s important

The ability to prioritize projects is arguably one of the most important factors determining a construction firm’s long-term success. By using these strategies, companies can increase the success rate of their projects.

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