Prioritization often influences our business results and the difference between success and failure. How can product managers improve the ability to prioritize and be focused on key things?
There are dozens or famous prioritization techniques and methods for this aim. How to choose the best one?
Recently Hygger.io, the platform for product managers and project managers has updated their set of scoring frameworks and announced 3 great Scoring models for product feature prioritization. Let’s get more about RICE scoring, ICE score model and Weighted Scoring right here.
The method to prioritize ideas and features is widely popular. The acronym consists of 4 factors that we use to evaluate project ideas:
With a RICE scoring approach, you take your proposed features or initiatives, rank each of them using a Reach, Impact, Confidence and Effort, and then step back and use the scores you’ve come up with to decide which initiatives make the cut.
This prioritization method is used for features prioritization all over the world as well.
According to the scoring model, you need to calculate the score per idea, according to the formula:
Impact demonstrates how much your idea will positively affect the key metric you’re trying to improve.
Confidence shows how sure you are about Impact. It is also about ease of implementation in some way.
Ease is about the easiness of implementation. It is an estimation of how much effort and resources are required to implement this idea.
This Scoring method allows you to take your features or initiatives, rank them with the help of a benefit-versus-cost framework on a number of criteria.
You need to have a clear and strong product strategy and well-defined goals and metrics that help you control reaching these goals.
According to these goals, you may choose specific criteria. For example, for “In terms of potential benefits” you can choose:
- Increases income
- Helps to acquire new customers
- Helps to retain current customers
- Adds Value for users
- How often is needed
In terms of costs, you can evaluate time and cost of development, time and cost of implementation, operational costs.
The Weighted Scoring method can be useful for companies to evaluate what they think is the relative impact on strategic objectives for a group of possible new features.
How to use these Scoring systems? All you need is to choose one of them and start to prioritize:
What do you think about these scoring models? Will they be helpful to you?