It can be difficult when trying to determine which project should get priority over another. If left up to business leaders, they would all get priority. I’ve actually seen instances where different business units could not come to an agreement on the top priority because no one would give an inch.
This table, if used, can actually prevent this scenario from even happening:
This can be edited to better suite your organization. The key take away is that each project should be put up against something similar to this.
Strategy: Assign points to each category: 5 points for High, 3 points for Medium, and 1 point for Low. For each check box selected, add up the total points. The project with the highest point count gets the #1 priority tag. A project with two high priority categories trumps a project with three Mediums for example.