Prioritization is the process of evaluating ideas and working carefully to increase their value and ensure efficient resource utilization. Every product manager needs to be capable of prioritizing.
Product Managers don’t have enough resources to complete everything on their to-do list in most cases. When you prioritize, you balance the cost of resources (resources required versus rewards) against the benefits of doing what’s important right now.
To create a successful product, you need to put together a list of features and desired outcomes. On a scale of 1–10 or upvoting, you ask your customers to rate them based on perceived importance and level of satisfaction with them. In this way, you can rank opportunities and give more attention to very important but have low satisfaction scores.
Prioritization in product management is the disciplined process of evaluating the relative importance of work, ideas, and requests to eliminate wasteful practices and deliver customer value in the quickest possible way, given a variety of constraints.
You can never get everything done when you build products — priorities shift, resources are reallocated, and funding is scarce. We must ensure that we work on the most important things first as product managers. Before we run out of resources, we must ruthlessly prioritize features.
An exercise in product prioritization is a strategy for determining what to focus on next.
Product managers prioritize initiatives in the backlog to determine what should be developed next. Several methods of prioritizing are commonly used by product managers, such as:
- Value vs. Complexity Quadrant
- Kano Model
- Weighted Scoring
- Opportunity Scoring
See our post for more details on the most popular prioritization techniques 👇🏻https://www.subscribepage.com/producter_10_prioritization_techniques
Producter is a product management tool designed to become customer-driven.
It helps you collect feedback, manage tasks, sharing product updates, creating product docs, and tracking roadmap.