What's the best way to choose automotive engineering projects and portfolios for your organization?

1 Define your objectives and criteria

Before you start evaluating and prioritizing your automotive engineering projects and portfolios, you need to have a clear understanding of what you want to achieve and how you will measure your success. What are your strategic goals and vision for your organization? What are the key drivers and challenges in your industry and market? What are the expectations and requirements of your customers and stakeholders? How do you define value and quality in your automotive engineering products and services? These are some of the questions that can help you establish your objectives and criteria for choosing your projects and portfolios.

2 Assess your current situation and capabilities

Once you have defined your objectives and criteria, you need to assess your current situation and capabilities. How well are your existing projects and portfolios performing? What are the strengths and weaknesses of your automotive engineering team and processes? What are the resources and constraints that you have to work with? What are the risks and opportunities that you face? How do you compare with your competitors and benchmarks? These are some of the questions that can help you identify your gaps and areas for improvement.

3 Generate and screen your project and portfolio options

Next, you need to generate and screen your project and portfolio options. You can use various methods and tools to generate ideas and proposals for new or improved automotive engineering products and services, such as brainstorming, market research, customer feedback, prototyping, testing, etc. You can also use various methods and tools to screen and filter your options, such as SWOT analysis, scoring models, decision matrices, feasibility studies, etc. You should aim to select the most promising and viable options that fit your objectives and criteria.

4 Prioritize and balance your project and portfolio mix

After you have selected your project and portfolio options, you need to prioritize and balance your project and portfolio mix. You can use various methods and tools to prioritize and rank your options, such as value analysis, cost-benefit analysis, return on investment, risk analysis, etc. You should aim to select the most valuable and feasible options that maximize your benefits and minimize your costs and risks. You also need to balance your project and portfolio mix, considering factors such as strategic alignment, customer satisfaction, market share, innovation level, resource allocation, etc. You should aim to create a balanced and diversified mix that supports your goals and vision.

5 Review and adjust your project and portfolio performance

Finally, you need to review and adjust your project and portfolio performance. You can use various methods and tools to monitor and evaluate your project and portfolio progress, outcomes, and impacts, such as key performance indicators, dashboards, reports, feedback loops, etc. You should aim to measure and communicate your results and achievements against your objectives and criteria. You also need to adjust your project and portfolio plans and actions, considering factors such as changing needs, emerging trends, new opportunities, unforeseen challenges, etc. You should aim to adapt and improve your project and portfolio performance continuously.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?