Top 7 Prioritization Techniques In Product Management | Prioritization Techniques | Simplilearn

hello everyone welcome to this video by simply learn today we will talk about something super important for any team which is prioritization techniques have you ever felt overwhelmed jumping between task without knowing which ones really matter we've all been there but don't worry there are ways to get organized and focused for product managers prioritization is one of the most crucial skills it's the key part for any product management interview process as a product manager you must prioritize features requirements and task effectively to ensure your team delivers maximum value to customers let me tell you a

story about Samantha Who was the part of an agile software team the projects were all over the place they would work on one thing then another with no clear plan missing deadlines and frustrating clients that's when Samantha's boss stepped in and taught them about prioritization deciding which tasks to do first and how important they are he showed them techniques like mosco for categorizing task as must do should do could do Etc and rice for scoring task based on things like impact and effort using these methods it was a total game changer with mosco they identifi

the critical task and rice helped them to prioritize the high impact work efficiently suddenly projects were organized work was delivered on time and clients were happy as success spread other teams started prioritizing it too it boosted productivity across the whole company Samantha felt proud to be the part of making the work better from then on prioritization became the core part of how they operated for clarity and focus on what mattered the most in this video we will be covering what is prioritization technique importance of prioritization seven most popular prioritization techniques like mosco method Cano model

weighted shortest job First Rise scoring model value versus complexity effort Matrix eisenh har Matrix walking skeleton method Etc also choosing the right prioritization technique before we commence just a quick update for you craving a career upgrade subscribe like and comment below dive into the link in the description to FastTrack your Ambitions whether you're making a switch or aiming higher simply learn has your back if you are interested in becoming certified product manager from SPG School of Global Management leverage generative AI as product manager with top product tools such as CH GPT Google B gencraft mid

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the order of importance of task activities or elements within a project or process it helps to identify what needs to be done first what can wait and what may not need to be done at all this technique involves assessing the relative significance urgency or impact of different items and arranging them in logical sequence or order of importance by prioritizing effectively you can allocate resources time and effort more efficiently ensuring that you address the most crucial aspects first to achieve your goals effectively but why is prioritizing so important let's discuss the importance of prioritization prioritization is

crucial for several reasons at first we have limited resources every team has limited resources whether time budget or Manpower power granitization helps you make most of these Resources by focusing on the most important features first then we have customer satisfaction by delivering the most valuable features first you can keep your customers happy and engaged with your product moving on to competitive advantage in today's fastpaced market prioritization can give you a Competitive Edge by allowing you to quickly adapt to changing customer needs and market trends now that we have understood the importance of prioritization let's dive

into some of the most popular prioritization techniques the seven most popular prioritization techniques we will discuss today are as follows at first we have mosco method moving on to Cano model rise scoring model Eisenhower Matrix value versus complexity Matrix weighted short as job first and then at last we have the walking skeleton method let us start with the first method which is the mosco method CCO is a simple way to prioritize task and features when working on a project it stands for must should could and w't let me break it down for you must these

are the essential features that absolutely have to be included if you do not have these the project will fail then should these are the important features that you should try to include but they are not critical they would be great to have if possible that's it then we have good These are nice to have smaller improvements or additions and leaving them out want really impact the project want these are the lowest rity items that don't match the current needs or goals you can safely leave these out for now by separating everything into these four buckets

you can get super clear as a team on the true priorities and make sure your laser focused on checking those must have boxes first so what are the pros and cons of this method well first off it's dead simple no complex calculation or scoring systems are needed you can prioritize a massive backlog just by rapidly categorizing each them it's also flexible since there are no strict rules or timelines within each bucket if a should item needs to be deprioritized no problem just move it to the cloud or want as needed and finally the clear separation

into these Universal terms helps get everyone developers design product managers and stakeholders on the same page instantly when it comes to understanding priorities of course there are some downsides too while it's easy to categorize mosco doesn't give you a specific implementation plan or sequence to follow you have to figure that part out separately you can also lack some bigger pictures perspective by just focusing on individual feature priorities you might miss out the Strategic product goals or overarching business objectives and sometimes times those category lines can get you a little blurry in a certain feature a

must have or a should reasonable people may disagree but in all mosco is a simple yet powerful prioritization technique especially for smaller projects or titos Scopes where you need priorities locked in quickly for bigger more complex undertakings it can't be your only prioritization method you likely want to pair it up with something more robust let me give you an example of a product for for example a mobile app for buying crypto the must would include the ability to buy and sell coins maintain a portfolio View and set up payment methods those are the essential no-brainer

priorities shs could be things like Advanced chart analysis alerts price tracking and maybe even integrated social trading features they are really valuable but not required for an MVP quid might include custom valuable additions might include captivating video controls or integrated video calling features unnecessary additions could be custom app themes features user might dislike include intrusive ads or sneaky premium upsells by prioritizing based on this model you can perfect the essential experience before focusing on extra features themes or watch list but doesn't break the core experience and Wars for our initial launch could be things like

Advanced Tax tools purchase of other asset classes or automating trades with Bots just not crucial priorities for the first version by categorizing your backlog into Moscow you can clearly see that you need to prioritize those three must have items above everything else to have a chance at a successful initial launch the rest can be prioritize separately within their respective buckets so that's moreco and nutshell a simple flexible way to rapidly categorize your priorities at a very first step next we have the Cano model this one is all about making sure that we are delivering what

our users want and care about it splits features into a few buckets must have onedimensional attractive total time wasters and stuff that's all it splits features into few buckets must have onedimensional attractive total time wasters and stuff to use it we survey our potential users and get them to categorize each feature based on how it impacts their satisfaction the must have are things that absolutely need for the product to work at all one-dimensional features are nice to have that will please them if you get them but disappoint if you don't attractive features are awesome bonus

points that Delight users but it's no big deal if they're missing indifferent stuff doesn't really matter either way and reverse features are things users actively hate having the pros are that it really highlights what matters most to customers and ranks features by their priorities the downsides is that it ignores knows how difficult these features are to get built it's also time consuming to get that user feedback in the first place this is all for the pros and cons but when does it make sense to use Cano well it's great for Branding new products to get

an initial reality check before you start designing or for validating prototypes and making sure you're on the right track let me now give you an example say like you're building a dating app the must have might be the ability to create profile browse potential matches and s people onedimensional could be stuff like Advanced filtering super likes Etc valuable additions might include captivating video intros or integrated video calling features unnecessary additions could be custom map themes features user might dislike include intrusive ads or premium upsells by prioritizing based on this model you can ensure you perfect

the essential experience before focusing on extra features next we got the rice model which is little more number driven it scores each feature by looking at four factors the reach or number of users who use it the impact it have your confidence in its success and the Manpower effort required to build it you create each factor like impact which could be massive high medium low or minimal then you plug those ratings into a formula to get a rise score higher scores means higher priorities it scores each feature by looking at four factors the reach or

number of users who use it the impact it will have your confidence in its success and the Manpower effort required to build it you grade each factor like impact which could be massive high medium low or minimal then you plug those ratings into a formula to get a rice score higher scores means higher priorities the pros of rice are that it's comprehensive accounting for user value technical cost risk and all that good stuff and it uses metrics instead of just gut feelings the cons are that it can be calculation heavy for every single feature and

you might be missing some of the data points for brand new products now why does it make sense to use rice it's awesome for established products with good product metrics and usage data to draw them probably not the best approach for totally fresh projects without any of those numbers yet let's look at an example of a yoga studio app for a new class book feature reach could be around 25,000 monthly active users impact could be massive like uh three on the scale confidence in its success is medium to high so maybe considering it to 80%

and the engineering effort is estimated around 3 person months plugging into that formula the rise scores come outs to be 25,000 into 3 multiplying by 0.8 which is around 20,000 you can then compare that against the scores for other potential features and prioritize accordingly moving on to the next model which is the ishar Matrix we don't have any complicated formulas here just simply divide your task into four buckets based on whether they are Urgent important both or neither the Urgent and important stuff goes into the top prity bucket to be tackled immediately important not urgent

task go in the scheduled bucket for later urgent but unimportant fire drills get isolated in their quadrant so you can properly manage those and then at the last area is for the total time wasters neither urgent nor important the pros of this method are it's very simple to use and that it keeps you focused on the truly important task that drive business value the downside is that it's quite subjective and qualitative no hard numbers or scoring system is involved you might be wondering why should we use the ishar Matrix well it works great as a

personal time management framework or as a first pass for broadly prioritizing a bunch of task but most likely we want to complement it with some other techniques for a more rigorous product prioritization let's look at an example of a brand new e-commerce business the Urgent and important stuff is setting up the payments and shipping Integrations would be a top priority important but not urgently needed task are implementing product filters or recommendations would go into the scheduled section redesigning the logo just cause would be urgent but unimportant busy work adding multi- language support way down the

line would be the lowest priority section since it's neither urgent nor crucial for the launch next we've got the value versus complexity Matrix this one is similar to The ashar Matrix as it works with the quadrants and dimensions but instead of urgent and important it access value and complexity with this one we map out each feature based on its expected user or business value on one axis and the implementation complexity or engineering effort level on the other we can use whatever scoring or definitions make sense but the goal is to prioritize these high value low

complexity items first since they're easy wins really valuable but High complex stuff comes next after that is the low value low complexity stuff we have the pros are that it balances business user demands with what's feasible to build looking at add the value and effort and then we can tweak the scoring criteria according to our needs the conss are that it can still be pretty subjective and may not be ideal for massive code bases and products but when does value versus complexity work well it's perfect for smaller teams and products early in the life cycle

when you need to rud Lesly prioritize not the greatest for large complex established products with crazy requirements let me give you an example of a productivity app a high value Lo complexity features might be the code ability to create an assigned task super useful and not too hard to build a high value High complexity one could be integrated with all other major productivity tools low value High complexity might be some insane reporting dashboard with a zillion visualizations and the low value low complexity stuff could be like smaller tweaks custom emoji support Etc by mapping those

out you can prioritize the top left quadrant of a major value ads with minimal effort first all right we are getting into some of the heavy weights weight is shortest job first or wsjf it uses some heavy duty calculations but for a good reason for each feature you estimate the cost delay and how much you're losing by not having that feature then you look at the job durations or how long it will take to implement you score the cost of delay based on factors like user business value how time sensitive it is whether it reduces

risk and so on higher scores means higher cost of delays then you divide the cost of delay by the job duration to get wsjf score for each feature the pros of wsjf are that its detailed consistent calculation approach and it optimizes for faster Roi with limited resources the cons are that it gets calculation heavy quickly and may unintentionally deprioritize bigger long-term projects use wsg JF when you need to double down on those minimum marketable features and quick high impact wins don't rely on it too much for full-blown product road maps though let me show you

an example adding an offline more to the notes app take a look at the cost of delay factors the user business value is high maybe four out of five since it's frequently requested feature the time criticality is also High 5x5 since it's the pain point for the users and it reduces the risk of potential data loss so say 4x5 for risk reduction adding those up the total cost of delay is 30 if we calculate the job duration to be around 2 months then the wsgf score comes out to be 13 divided by 2 which is

6.5 you would calculate scores that way out for potential features too then prioritize the ones with the highest scores like offline mode first last but not the least we've got the walking skeleton method this one is all about identifying and prioritizing only the bare minimum core features needed to ship an initial MVP which means minimum viable product that basic working version of your product the idea is to map out the skeletal requirements that are critical for the product to function and show its core value proposition to users the pros are that it enables fast prioritization

and MVP delivery we can get the market quickly test our scores idea user feedback and IDE rapidly from there instead of over engineering and over stuff version the cons are that it will be shipping a pretty basic product initially by cutting out tons of extra features and there's a risk of taking it too far and crippling the product if you're not careful use the walking skeleton method when we are focused on delivering an MVP as soon as humanly possible to validate your idea and get moving don't use it as your sole prioritization technique for full

product road maps though let me give you an example of a brand new video streaming service using the walking skeleton approach the top priorities would be ability to browse a video catalog playing those videos back smoothly use a login and subscription functionality that's the core skeleton everything else like recommendation watch list parental controls would all be delayed for future iterations after getting the MVP out by hyper focusing only on these critical first few steps we can take an entirely new product from concept to Market fast while still shipping a functional experience to start generating feedback

and data let us now discuss how to choose the right prioritization technique when considering the prioritization method keep in mind the following criteria Simplicity the simpler the method the faster you can prioritize data driven prioritization some methods rely more on assumptions While others are based on proven data balance between technology constraints and business value some methods focus more on customer value While others consider technical complexity best use case prioritizing for an MVP might require different techniques than prioritizing for a mature product remember these methods are not mutually exclusive and you can combine them at different

stages of your product development life cycle so there you have it a full breakdown of different prioritization techniques from the statistical model to the dead simple matrices each one has its own pros and cons and certain methods with make it more sense than others depending on your project stage complexity and data avability so that's all for the video today on prioritization technique if you enjoyed this video and found it valuable don't forget to like and share if you have any questions you can drop them in the comment section below thanks for watching and I'll see

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