Prioritization is the #1 thing that keeps Product Leaders up at night, and it is the #1 challenge product managers face in their roles (according to a survey of Product and Design leaders by Medium Corporation).
Throughout my decade-plus career as a Product Leader, I use these three methods over and over: MoSCow, RICE and Impact x Effort.
But when do you use which method? Prioritization is doomed if you choose the wrong method for your situation, your goals, or for the culture of the organization you’re in.
Here’s a simple guide for when to use which method. As with all methods, you must determine your prioritization criteria for every single method:
MoSCoW (Must, Should, Could, Won’t)
So What: Use when you’re choosing core features to build for a new product, and when you’re working with customers or stakeholders to stack-rank enhancements for existing products
Best Used When:
You’re in a product and design led organization
Building new product
Determining feature sets
Creating long-term roadmap within a single product scope
Focusing on customer needs
Pros:
Highly customer focused
Helps create long-term product vision
Simple to understand
Watch Outs:
Higher commitment needed to align
Subjectivity can create ambiguity
RICE (Reach x Impact x Confidence / Effort = Score)
So What: Use when you have good quantitative data for an existing product and clear focus on driving engagement, growth and business impact
Best Used When:
Growth or optimization of existing product
Evaluating like-for-like ideas
Data/quant heavy culture
Pros:
Highly objective score
Included in PM tools (JIRA plugins, etc.)
Watch Outs:
Little room for subjectivity
Requires like-for-like comparison
Impact x Effort Matrix
So What: Use when you are comparing and making trade-offs between many different types of work (i.e. larger strategic initiatives, smaller enhancements, front end design, back end dev)
Best Used When:
Evolution of a product
Evaluating different types of projects
Strategy is involved
Pros:
Easy to understand
Allows for subjectivity and strategy
Watch Outs:
Criteria must be clear, aligned
Subjectivity will be higher
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