This paper emphasizes the use of MCDA methods for project ranking and prioritization. In addition to providing researchers and practitioners with the relevant literature with regards to project portfolio prioritization and selection using MCDM in the last two decades, this paper also summarizes the most commonly used criteria for evaluating projects in multi-project organizations. The literature review synthesis is then used to propose a category-based project ranking process within the framework of project portfolio selection. The proposed process focuses on the importance of evaluating projects within appropriate categories based on which relative criteria are defined and used for assessing portfolio components. The suggested process is then illustrated through the ranking of 50 projects in the case of a company operating in the automotive industry. The main purpose of this approach is helping decision makers ensure a deep alignment of the potential project portfolio with strategic priorities.