A new approach to prioritization

In my last role, I always faced the challenge of prioritization. There used to be so many different activities that demanded my attention and I used to be happy to be busy but when I was free I used to get bored. My manufacturing experience taught me the importance of relationships with people across levels and departments and I used to use this free time for networking opportunities.

The main challenge was that I was required to prioritize on the go. After going through two courses on corporate finance, I have realized that I can apply some of the learnings to my day-to-day managerial life. The whole method sounds little complex but I think it would be of great value once implemented carefully. This method also fits in to the 20-80 rule (rather the 80-20 rule). Let me explain what I plan to do once I am back to a corporate career.

First step is to identify what is it that I want to achieve and what is the value I place against each other. It is important to include personal goals into this list.

Next step is to break down all these items into smaller activities that will lead to the goal achievement. Identify how much effort goes into each of these activities and by when you can achieve these goals.

Third step is to value each of these goals. Organize them according to the value you place to each of these goals. While I cannot go in to the goal setting process, I urge not to forget the personal goals. Valuation of each of these goals is very critical and one may need to take inputs from his council of trusted advisers.

Once the valuations are in place, place a value for each of the different activities identified to achieve the goal. Essentially identify which activity takes you more closer to the goal and assign more points to the same. Points can be allocated also depending on the time and effort required.

At the center of this activity is calculating discounted utility on a daily basis. The faster you achieve a certain goal the more it is valuable to you. Based on how many goals you have achieved and identified, you an value your own self.

On a daily basis at beginning of the day revisit all the current goals (projects) and what is it that you can do today to make progress. You can look at the time available and the activities and try to maximize the value of a given day. While weekly and monthly planning are the basis for this daily review, considering the pace with which we are moving, a daily review becomes critical.

Another point that many of us keep forgetting is that there are two parts for body to take care - the physical and the mental (includes brain, heart, spirit etc).

It is important to take care of both the parts. Without physical fitness it is very difficult to be mentally fit and vice-versa. Both are important.

To sum it up, follow any of the popular goal setting process, but assign values to each goal and see how you can maximize your achievement everyday. Don't mistake me by thinking achievement means money and material, it can be as simple as reading a book or writing a blog post.

Good luck.