Determining impact and feasibility of competing opportunities
How do you choose
among activities, projects and opportunities competing for your
organisationís limited resources? How do you know if what you
are focussed on now will be right for the next five years? Priorities
should be chosen to maximise the long-term returns to your organisation
or industry within the context of your vision and an understanding
of your business environment.
Using a framework
based on the impact of the opportunity and the feasibility of
tackling the opportunity, existing and new areas can be assessed.
Impact and feasibility have proven to be robust criteria for discriminating
between competing opportunities. Impact assesses the potential
economic, social and environmental benefits of an opportunity
and the ability of the market to capture those benefits. Feasibility
assesses the capacity of your organisation to develop and deliver
the opportunity to the market. The impact and feasibility criteria
combine to deliver a return, which can be assessed in terms of
financial, social and/or environmental values.
The priority setting
framework is applicable in situations where there are unlimited
demands and limited capacity to meet them. Using agreed criteria
that are consistent with the framework, various areas of opportunity
can be defined and prioritised and a strategy developed for each
area in line with the priority decision.
Scenes can guide the selection of suitable underlying indicators for the
major criteria. The priority setting process draws on relevant
background information as well as the knowledge and experience
of a selection of your stakeholders who come together with key
staff in a priority setting workshop. These workshops are as much
about building good stakeholder relations as they are about determining
priorities. Thereís much learning and a lot of good fun!
has worked with many scientific research and development organisations
and overseas to facilitate priority setting workshops. These include
CSIRO and a number of its Divisions, forestry R&D organisations
in China, Vietnam,
and PNG and R&D agencies of state government departments.