A product manager has many duties to conduct, which allows them to ensure smooth project management. For instance, they have to come up with objectives to achieve different initiatives. Another significant task that a product manager has to complete is prioritization. This allows them to minimize the risks that come with developing a particular product. Below is all the information you need on prioritization.
Prioritization: The Complete Definition
When developing a program or software, a product manager has to decide about different tasks by assessing them. Their main aim is to determine which tasks should be done and in which order. This is referred to as prioritization.
Some tasks are practical and necessary, which is why they have to be approved. Meanwhile, some are nonessential but add a luxurious touch to the product. Therefore, they have to be assessed and ranked as per their importance.
Importance of Prioritization
Prioritization is one of the essential steps in product development due to many reasons. A key thing to note is that when completing a project, things can get complicated. For example, tasks can build up, and it can become difficult for a team to manage them.
In such a case, having a backlog of different types of tasks eases the burden on your team. Besides that, it also helps to ensure that no feature is left out during the development. An effective prioritization strategy provides structure to a chaotic process.
Another benefit of prioritization is that it allows you to allocate particular resources for some tasks. You can also set aside a time frame and deadlines to further enhance the product development process.
The Top Prioritization Techniques
There are many ways to initiate a prioritization process. Here are the top techniques that you should consider:
1. Value Vs Complexity Quadrant
This is a common technique that many product managers use. It involves ranking tasks according to implementing difficulty. This is then compared with its worth. A task that is easy to implement and has a high value is likely to have a high rank.
This technique is used when a product manager has to decide which task is more important to the business. The best thing about this system is that it is highly flexible. This is because you can make changes to it as you see fit.
3. The Kano Model
This technique helps a product manager rank tasks as per the customer’s point of view. They determine which feature would satisfy the users more and prioritize that.
4. Consumer Ranking
In this model, product managers use feedback from the consumers in which they rank different features of the product. Using the data, they prioritize the tasks.
This is your complete guide to prioritization in the project management industry. Now that you understand it, you can easily use it in a product development process.