Want a prioritization method that’s different from the 2×2 you’ve been using? Here are six prioritization methods for you to try, as well as when to use them!
Why is prioritization important?
Imagine having a treasure trove of brilliant ideas but limited resources to execute them, such as time, money, or person-hours. Without a clear roadmap, you could end up wasting these valuable resources on less impactful tasks. This is where prioritization comes into play.
- Clarity and direction in prioritization – Sets a clear direction for the team. With shared alignment on goals, everyone knows what's most important and can work together in the same direction.
- Resource optimization – Ensures that your team's energy and resources are channeled toward tasks that offer the most value.
- Stakeholder satisfaction – Helps in managing stakeholder expectations by communicating what will be delivered and when.
The VMware Tanzu Labs Product Manager Playbook suggests that when deciding on making feature prioritization decisions, consider: viability, desirability and feasibility as important factors.
Popular prioritization methods: a glimpse
Drawing insights from VMware Tanzu and the collective experience from our product managers, here are some basic methods that teams around the world use:
- Value vs. effort (or cost) matrix – Tasks are plotted on a 2×2 grid based on their perceived value and the effort required. The idea is to focus on tasks that offer high value, but require less effort.
- Reach, impact, confidence, and effort (RICE) scoring – Each task is scored based on these parameters and tasks with the highest scores are prioritized.
- Kano model – This method classifies features into five categories: basic needs, performance, excitement, indifferent, and reverse. By understanding these categories, teams can identify which features are essential and which can delight users.
- Stack ranking – As explained by Tanzu, stack ranking requires teams to list features in order of importance, ensuring that everyone is aligned on what needs to be tackled first.
- MoSCoW method – This model involves categorizing tasks into must have, should have, could have, and won't have. It's a simple way to understand necessities versus nice-to-haves.
- Buy a feature – Stakeholders are given a set budget and a list of features with prices. They buy the features they think are most important, giving product managers insight into priorities.
Let's understand where each of these prioritization techniques truly shines, providing us insights into when and where to deploy them for optimal results
- Value vs. effort (or cost) matrix – Ideal for teams seeking quick wins and maximum value with minimal effort, especially when resources are limited.
- RICE scoring – Best suited for teams wanting a comprehensive view of tasks by evaluating their potential reach, impact, confidence level, and required effort.
- Kano model – Perfect for product teams aiming to understand user preferences and prioritize features that can delight users or meet basic expectations.
- Stack ranking – A go-to method for teams that need a clear hierarchy of tasks, ensuring everyone focuses on the most crucial feature or problem first.
- MoSCoW method – Suitable for projects with clear deliverables where stakeholders want to differentiate between essential tasks and nice-to-haves.
- Buy a feature – Great for teams looking for stakeholder or user input, allowing them to invest in features they deem most valuable or important.
While these methods provide a structured way to approach prioritization, the key is to understand your product, audience, and resources. The right method (or a combination of methods) is nuanced and varies for each product and team.
Ready to elevate your product management game? Look into each method, tailor it to your team's needs, and watch as your projects align more closely with the goals. Don't just prioritize… prioritize smartly!
References
- Product Manager Playbook by VMWare Tanzu Labs – A comprehensive guide detailing the nuances of product management. Read more.
- Problem prioritization at VMWare Tanzu Developer Center – An in-depth look into how to effectively prioritize problems and challenges in the product development journey. Explore the insights.
- Stack ranking (forced ranking) at VMWare Tanzu Developer Center – Understand the methodology of stack ranking and how it can bring clarity to project deliverables. Engage in the dialogue.
