(1) designate or treat (something) as more important than other things. (2) determine the order for dealing with (a series of items or tasks) according to their relative importance. (3) The process by which efforts are ranked and then selected. The selection involves understanding both the business unit and corporate objectives, to ensure that efforts are chosen which deliver the most value to the business with the available resources. (4) The process by which initiatives are ranked and then selected. The selection involves understanding both the business unit and corporate objectives, to ensure that initiatives are chosen which deliver the most value to the business with the available resources.