To help determine if a given IT project is a worthwhile investment, ask yourself what business needs the project will satisfy, if its deliverables align with your long-term business goals, how risky the project is, and if you have the resources to successfully complete it. Make sure that all the IT projects in your company's portfolio are relevant to your plans over the next three to five years. In attempting to determine which project to tackle first, assess the risks, goals, and budgets of each individual project and manage them according to their estimated return on investment. The final steps are to develop a schedule and to periodically assess your project portfolio to ensure it continues to align with your overall business goals.

For more on IT investment, be sure to read Match Your Technology Goals to Your Company’s Future Strategy.