This is a long read, skip to “Prioritizing the projects and changes” for the approach details...
Organizations and companies generally have an IT workload (dare I say, backlog?) which needs to be properly assessed, prioritized and taken up. Sometimes, the IT team(s) get an amount of budget and HR resources to "do their thing", while others need to continuously ask for approval to launch a new project or instantiate a change.
Sizeable organizations even require engineering and development effort on IT projects which are not readily available: specialized teams exist, but they are governance-wise assigned to projects. And as everyone thinks their project is the top-most priority one, many will be disappointed when they hear there are no resources available for their pet project.
So... how should organizations prioritize such projects?