The prioritization process itself comes down to a calculation of two competing factors:
1. The value
of pursuing a given project, feature or initiative2. The related costs
You don't want to stop here though. Your value and cost factors are usually multi-dimensional and include a range of sub-criteria that could even be weighted differently, for example:
- On the value side, this could mean questioning whether a mid-term rise in revenue is more important than long-term strategic fit?
- Or on the cost side, whether the development effort is more crucial for product success than the marketing dollars spent?
Sometimes this can feel like comparing apples and oranges, but mapping out the right criteria is the first key step to bring clarity to the process. Luckily there are tools and ready to use templates
built on the most effective decision-making methods that can guide you through this process.
TIP: Once you have defined and weighted the value and cost drivers, ideally between 2 and 5 criteria per factor, map them out as columns in a table to allow you to visualize the process.