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Prioritizing Projects

Companies often prioritize projects in the following four categories: Absolutely essential, Highly necessary, Economically justified, and All other. Provide one example for each category. Why do firms do this type of categorization?

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Absolutely essential: These types of projects are those that are essential to continuing to conduct business. If these projects are not done, the business will no longer have a purpose or be able to conduct the business it has been.

- One example is with the Orange County Transportation Authority. Though there have been several controversies associated with the CEO and the funding the company has been receiving has decreased, the CEO demonstrated his understanding of the need to continue to provide transportation services to the Orange County residents, as for some, it is their only mode of transportation (Elmahrek, 2012). The primary purpose for the Orange County Transportation Authority is to provide transportation. If they no longer provide that service, they cease to exist.

Highly necessary: These types of projects are those that are necessary for the company to grow and evolve. These are the types of projects that help companies last over time and evolve with the new technologies that are available.

- Using the same ...

Solution Summary

An overview of the categorization of project prioritization and examples. Over 500 words, 3 references.