One of the common activities for IT departments when times get tough is to review the projects underways and see where greater prioritization mught realize benefits faster and re-focus resources. I recently wrote a paper for the Architecture Journal with a colleague Brad Clayton that describes how to do this using a business capabilities and benefits perspective:
http://msdn.microsoft.com/en-us/architecture/aa902621.aspx
You can also use the technique to help define new projects and to create a dashboard that demonstrates the value being delivered by IT.
