Project prioritization is a critical success factor to meeting organizational goals and strategy with projects, and the right approach is vital.
Scoring on a variety of key strategic factors is crucial in prioritizing which projects an organization should tackle. Key points from this article include the need to avoid subjective criteria and focus on business criteria and utilize enough criteria to really allow for a ranking.
To take this approach a step further, investigate weighted rankings. Make sure cost/benefit analysis is one of the ranking areas! Every project either produces revenue or cuts costs. Reflect that in your priority scale.