In IT project portfolio management, selecting and prioritizing the various projects can be viewed as a decision making task requiring input from various stakeholders in the organization. Based on theories from the psychology literature on compensatory and non-compensatory individual decision making, this study evaluates the effectiveness of both strategies in the context of IT project prioritization. We compare the results of a frugal and fast non-compensatory decision making strategy with a more cognitively intense, attribute-based compensatory strategy and hypothesize that both will generate similar results. In addition, we hypothesize that the additional cognitive effort associated with the compensatory strategy will result in the compensatory strategy as being perceived as more accurate by the evaluator. For the conference, the hypotheses will be tested, and the preliminary results reported.