Week 17 - 💎 6 Most Effective Problem Prioritization Frameworks for Product Managers - Part 2
Quote
“The key is not to prioritize what’s on your schedule, but to schedule your priorities”. – Stephen Covey
💯 Framework // Concept // Mental Model
6 Most Effective Problem Prioritization Frameworks for Product Managers - Part 2
This is a continuation of part 1 please read part 1 before you start reading this part.
There is no one-size-fits-all solution when it comes to problem prioritization. The approach you take will depend on the specific product and company context. In this article, we’ll introduce you to six of the most popular problem prioritization frameworks and explain when you should use each one.
Value vs. Complexity Quadrant
The Kano Model
The RICE framework
ICE Scoring Model - Covered in part 2
The MoSCoW method - Covered in part 2
Weighted Scoring Prioritization - Covered in part 2
Each of these frameworks has its own strengths and weaknesses. You will need to decide which one is the best fit for your organization and your particular problem-solving process.
The Value vs. Complexity Quadrant is a simple framework that can be used to prioritize problems. It takes into account both the value of solving the problem and the complexity of the problem.
The Kano Model is a more sophisticated framework that takes into account the customer's satisfaction with the product or service. It can be used to prioritize problems that need to be solved in order to improve customer satisfaction.
Weighted Scoring Prioritization is a framework that allows you to assign weights to different factors that need to be considered when prioritizing problems. This can be helpful if you have a lot of factors that you need to take into account.
The RICE and ICE frameworks are specifically designed for product managers. It takes into account the impact, effort, and feasibility of solving a problem.
ICE Scoring Model
As a product manager, you are responsible for a lot of things. You have to juggle the demands of different stakeholders, keep track of the latest industry trends, and make sure that your team is always moving forward. But with so many competing demands, it can be difficult to know where to focus your attention.
One way to prioritize your work is to use the ICE framework.
ICE
Impact - How impactful do we expect this initiative to be?
Confidence - How confident we are that this initiative will prove our hypothesis and deliver the desired results?
Ease - How easy is this initiative to build and implement? What are the costs of the resources that are going to be needed?
Each of these factors is scored from 1–10, and the total average number is the ICE score.
Source: https://hygger.io/blog/ice-method-helps-choose-better-product-features/
You can use this framework to assess different problems and prioritize them based on their potential impact, your confidence in solving them, and how easy they are to solve.
Breaking down your work into these three categories can help you to more efficiently tackle the most pressing issues first. So next time you're feeling overwhelmed, remember to use the ICE framework to help you prioritize your work and make the most of your time.
The MoSCoW method
The MoSCoW method is a powerful tool for prioritizing projects and tasks. It is particularly useful for organizations that need to juggle multiple competing priorities.
MoSCoW stands for Must Have, Should Have, Could Have, and Won't have. Here's how it works:
Must Have: When identifying features for a product launch, it is important to distinguish between 'Must Have' and non-essential requirements. To determine which should be classified as "Must Haves," ask yourself: what would happen if this condition wasn't fulfilled? If the consequence includes canceling the project, then it should be labeled as an absolute necessity. Think of these features as the bare minimum that must be met in order to ship the project. All other features should be sorted into 'Should Have' or 'Could Have' categories.
Should Have: Though it may not be mission-critical, the success of a product can depend on its additional features. The so-called “Should Have” initiatives may not take priority over the “Must Haves” in terms of time, but they can still be just as important for finalizing a successful launch.
Could Have: Features that are labeled as desirable are not as important as features marked as necessary, but it is worth implementing them if the budget and time allow. The degree of discomfort to the customer can be used to differentiate between desirable features and optional features — if the customer would not experience much-added benefit from the absence of the said feature, they could be classified within the desired category.
Won't Have: Features are components not planned to be included in the forthcoming product delivery. This section contains the least vital features or assignments with an unexciting return on investment and minimal customer value.
Organizations can use the MoSCoW method to quickly identify and prioritize the most important tasks. This can help ensure that resources
Source: https://www.projectcubicle.com/what-is-moscow-analysis-and-moscow-method/
Source: https://www.lucidchart.com/blog/introduction-to-moscow-prioritization
Weighted Scoring Prioritization
Weighted scoring prioritization is a framework that can help you prioritize problems based on multiple factors.
To use this framework, start by identifying the factors that contribute to the overall success of the product. Then, assign a weight to each factor, based on its importance.
For example, if you’re trying to decide which features to add to a new product, you might weigh factors such as customer demand, customer value, revenue growth, Operational costs, risk, and alignment with company goals. Once you’ve assigned weights to each factor, you can prioritize problems based on their potential impact on the overall success of the product. The higher the overall score, the higher the priority.
Source: https://www.slideteam.net/weighted-scoring-model-for-product-feature-prioritization.html
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