A prioritization matrix is a simple yet incredibly effective tool for planning and project management. It is used for sorting action items by prioritizing them based on a defined set of variables.
Developed during a project’s planning phase, a priority matrix allows you to devote resources and materials in the direction where they are most likely to yield the most favorable project outcomes. By visually mapping out your priorities, it allows you to identify high-priority tasks, improve time management, and optimize output based on three critical factors: project scope, timeline, and budget.
Our free Prioritization Matrix template is essentially a grid with four quadrants. We use the x-axis to assess the impact of an action and the y-axis to assess the effort needed to complete the action. We also have a task list where you can chalk out a complete inventory of your tasks and rank them before placing them inside one of these four quadrants.
Now let’s go over each part of our template in more detail:
Task List
This is the first and most critical step of the way.
In the space we provide, create a list of projects, tasks, or sub-tasks you need to complete.
You can do this for a specific duration (say, tasks to be completed over the entire duration of a project) or toward a specific end, such as generating revenue from a new product line. Either way, it is important to have a particular goal in mind as this will help you prioritize actions.
Now that you have a comprehensive list of action items, it’s time to compare and analyze. You can do this in two ways. One fairly common approach is assigning each action item a score from 0-10 for both impact and effort. Alternatively, you can keep things simple and only use High and Low as the only options to describe the impact and effort of each specific task or project.
Preferably, you should get the project team together for this one, as their input will be valuable in determining the effort values of each task since they are the ones who will be working on them.
In our template, we use two of the most common criteria to determine priority: Impact and Effort.
‘Impact’ measures how well an action can help you achieve your goals, say, through a potential return on investment, or improved client satisfaction, depending on your specific context. ‘Effort’, on the other hand, measures the amount of time, cost, or resources you will need to get the job done.
What’s Next?
Now that you have scored each criterion for each task or project, it’s time to place them into four categories.
Quick wins (low effort-high impact)
Action items that require low effort but still yield a high impact. As a rule of thumb, most project management guides out there will encourage you to prioritize these tasks over others even though they are not directly related to the Major Project.
A series of quick-win initiatives could potentially add up to a combined high impact on your business, for example – amplifying social media posts before the launch event. They can also be a good way to rev up the momentum for more difficult tasks associated with a major project.
By and large, quick wins are low risk, produce tangible results, require minimum to no expenditure, and can usually be implemented quickly.
Major projects
Activities that are both high impact and high effort. Here you list down tasks that are important and align with your goals and aspirations. That said, major projects also need significantly more effort as they must be planned carefully to avoid potential risks and challenges.
Remember, in case of major projects – you are advised to communicate to stakeholders or investors beforehand that these tasks will take more time or resources to come through. To break down major projects into smaller, manageable tasks & subtasks, you can use our free Action Plan template here!
Fill-ins
Fill-ins have low impact and require low effort. In other words, they are easy to implement but they also don’t bring any substantial benefits.
These tasks are perfect for filling in any blank spots in your project timeline (say, one member of the team has free time on their hands) or if a task is on hold due to external factors (such as waiting for government approval).
When assessing their impact on your overall goals, always learn to prioritize them in a way to minimize disruptions. This will help you keep the larger picture in mind, and not be misled by their ‘’quick and easy’’ nature.
ThanklessTasks
Here, write down tasks that need a lot of effort but have little to no impact. Put simply, they are simply not worth the hassle.
Whenever possible, these should be bumped all the way down to the bottom of the priority list, or even stopped completely as they drain your resources without bringing proportional benefits.
Within project management literature, they are also known as hard slogs. For example, meetings that take up a lot of time and resources but almost never lead to actions or reports that take hours of hard work to prepare but don’t influence decision-making.
What You Need to Know Before Using Our Template
Before you download our template and start prioritizing, here’s a few things you need to know:
- Our impact effort matrix can be used for both (a) any number of individual tasks or subtasks that fall within the domain of a specific project as well as (b) any number of individual projects your organization is planning and executing. The process is entirely the same; just switch out “task” for “project” and you’re good to go!
- As a disclaimer, it’s important to appreciate that we only have 2 variables, and these variables won’t (and shouldn’t) be the sole determining factors whenever you prioritize anything. They are certainly not the only criteria used to determine the priority of a task. For example, in a typical Eisenhower Matrix, you will use urgency and importance as the defining variables. You can also use money and risk as variables to determine priority.
- Our action impact matrix template is more useful for organizations deciding between different projects or teams prioritizing tasks or features than it is for individuals going about their day-to-day jobs. If that’s more what you were looking for, feel free to check out our Freelance Time Tracking and Activity Log templates to help you keep track of projects at an individual level.
Wrap Up
Whether you are a resource-starved NGO wanting to make the best of what you have or a mid-tier clothing brand directing all your might to a single business goal like building customer value, our Prioritization Matrix template is the perfect tool to help you focus on what matters most.
Use our 2×2 impact effort matrix template, and get started with effective prioritization right away!
Our fillable, print-ready WorldLayout template is spread over two pages – and available for download in Word and Google Docs format!
