Balance benefits with costs for clear prioritization
Use this template to make informed decisions and prioritize features based on a combination of guided principles and data. The feature prioritization template empowers product managers to guide prioritization decisions with two tried and true frameworks: MoSCoW and RICE.
We recommend using the MoSCoW method for prioritizing features that take your product from 0 to 1, or pre-product market fit.
RICE scoring is best for prioritizing features that take your product from 1 to N, or post-product market fit.
Clearly outline your priorities
Get aligned with stakeholders on priorities and next steps
Mitigate risk using proven methods and data-driven decision making
Make efficient use of resources
To use Mural’s feature prioritization template with your team, follow the steps outlined below.
The first step in feature prioritization is to make sure you have answers for the following questions:
Do you have a solid strategy and clear prioritization criteria?
Are you chasing a trend or will this have lasting impact?
Who are you mainly listening to? The loudest speaker or biggest customer?
Are you only responding to your competitors’ features (feature parity)?
Next, determine which stage of the process best fits your journey: Is this a pre-market exercise? If so, it’s best to use the MoSCoW method. Is this about scaling an established solution? Then you should use the RICE scoring model.
The MoSCoW method is a prioritization technique used in project management and product development to categorize requirements or features based on their importance and urgency. The acronym "MoSCoW" stands for:
Must have: These are the requirements or features that are critical and essential for the project's success. They are considered non-negotiable and must be delivered within the specified timeframe.
Should have: These requirements or features are important but not critical for the project's immediate success. They are considered high-priority items that should be included if possible, but their omission would not jeopardize the project's overall viability.
Could have: These requirements or features are desirable but not necessary for the project's core functionality. They are considered nice-to-have items that can be included if time and resources permit.
Won't have (this time): These are the requirements or features that are explicitly excluded from the current project scope. They are considered low-priority or non-essential items that will not be addressed in the current iteration or release.
The MoSCoW method helps teams prioritize and make decisions about which requirements or features to focus on, especially when faced with limited time, resources, or tight deadlines. It provides a framework for stakeholders to align their expectations and make informed decisions about what is critical, important, or optional for the project's success.
The RICE scoring model is a prioritization framework used to evaluate and rank ideas, features, or projects based on their potential impact, effort required, confidence level, and reach. The acronym "RICE" stands for:
Reach: This factor measures the number of users or customers who will be affected by the idea, feature, or project. It quantifies the potential reach or audience size. For example, if a feature will impact all users, the reach score would be high.
Impact: This factor assesses the potential impact or benefit that the idea, feature, or project will have on users or the business. It quantifies the expected positive outcomes, such as increased revenue, improved user experience, or enhanced efficiency. The impact score reflects the magnitude of the expected impact.
Confidence: This factor represents the level of confidence or certainty that the team has in the estimates for reach and impact. It takes into account the availability of data, user research, market analysis, or any other relevant information that supports the estimates. The confidence score reflects the reliability of the reach and impact assessments.
Effort: This factor evaluates the level of effort, resources, and time required to implement the idea, feature, or project. It considers factors such as development complexity, design work, testing, and any other necessary tasks. The effort score reflects the estimated workload or investment needed.
Each factor is assigned a score from 1 to 10, with 10 being the highest. Once the scores for each factor are determined, they are multiplied together to calculate the RICE score:
RICE Score = Reach x Impact x Confidence / Effort
Higher RICE scores indicate higher priority items that are expected to have a significant impact, reach a large audience, and require relatively less effort.
After you’ve gone through the appropriate exercise, make sure that you give space to your team to brainstorm any related ideas, answer questions, and record other considerations that may factor into the success of your feature(s).
To get the most out of the Mural feature prioritization template, built by the Product School of Silicon Valley, you should:
Before bringing the team together, go through the four questions at the beginning of the template to make sure you’re prepared and can make the group effort as effective and rewarding as possible
Use tools like anonymous voting and private mode to get honest feedback and determine next steps, as well as avoid groupthink when brainstorming
Once you’ve conducted your exercise, share it with stakeholders to make sure you have broad alignment and a clear vision for next steps
A feature prioritization template offers several benefits for teams involved in product development and decision-making processes. Here are some key benefits:
Clear prioritization: A feature prioritization template helps teams establish a clear and transparent process for prioritizing features. It provides a structured framework to evaluate and rank features based on their importance, impact, and alignment with business goals. This clarity ensures that teams are focused on delivering the most valuable features to users.
Alignment with business goals: By using a feature prioritization template, teams can align their feature decisions with the overall business goals and strategy. The template helps teams evaluate how each feature contributes to the business objectives, ensuring that resources are allocated to the most impactful and strategic features.
Efficient resource allocation: Prioritizing features using a template allows teams to allocate their limited resources effectively. By considering factors such as effort, cost, and potential impact, teams can make informed decisions about where to invest their time, budget, and manpower. This helps prevent wasted resources on low-impact or low-priority features.
Stakeholder alignment: A feature prioritization template facilitates collaboration and alignment among stakeholders. It provides a common language and framework for discussions, enabling teams to have productive conversations about feature priorities. This alignment ensures that all stakeholders, including product managers, developers, designers, and executives, are on the same page and working towards shared goals.
Risk mitigation: Prioritizing features using a template helps teams identify and mitigate potential risks. By considering factors such as technical feasibility, market demand, and user feedback, teams can identify and address potential challenges or roadblocks early in the process. This reduces the risk of investing resources in features that may not deliver the desired outcomes.
Data-driven decision-making: A feature prioritization template encourages teams to base their decisions on data and evidence rather than subjective opinions. By incorporating metrics, user feedback, market research, and other relevant data into the template, teams can make more informed and objective decisions about feature prioritization.
These benefits help teams make informed decisions about which features to prioritize and invest in, ultimately leading to more successful and impactful product development.
Prioritizing features involves evaluating and ranking them based on their value, impact, effort, dependencies, and other relevant factors. Here is a step-by-step approach to prioritize features effectively:
Define your criteria: Determine the criteria that will guide your feature prioritization process. This may include factors such as user value, business value, effort required, technical feasibility, dependencies, market demand, and strategic alignment. Clearly define and communicate these criteria to ensure a consistent and objective approach.
Gather input from stakeholders: Involve key stakeholders, such as product owners, customers, users, development team members, and business representatives, to gather their perspectives and insights. Understand their needs, goals, and priorities to inform the feature prioritization process.
Identify and evaluate features: Create a list of features or user stories that need to be prioritized. Evaluate each feature against the defined criteria. Consider factors like the potential impact on users, business value, alignment with strategic goals, technical complexity, and dependencies on other features or external factors.
Assign value scores: Assign value scores to each feature based on their importance and potential impact. This can be done using techniques like MoSCoW (Must have, Should have, Could have, Won't have), RICE (Reach, Impact, Confidence, Effort) scoring, or other prioritization frameworks. Use a numerical scale or relative ranking to assign scores.
Estimate effort and feasibility: Assess the effort and feasibility of implementing each feature. Consider factors like development complexity, resource requirements, technical constraints, and dependencies. The development team can provide effort estimates or complexity ratings to help in this evaluation.
Prioritize based on value and effort: Combine the value scores and effort estimates to determine the priority of each feature. Calculate a priority score by dividing the value score by the effort estimate. This will help identify features that offer high value relative to the effort required.
Consider dependencies: Take into account any dependencies between features. If certain features rely on others or have prerequisites, consider the order in which they need to be developed to ensure smooth implementation and functionality.
Validate and refine: Review the prioritized feature list with stakeholders and validate the rankings. Seek feedback, iterate, and refine the prioritization based on additional insights or changing circumstances.
Adapt and reprioritize: Prioritization is not a one-time activity. Continuously monitor and reassess the feature priorities based on user feedback, market conditions, business goals, and new information. Adapt and reprioritize as needed to ensure that the most valuable features are being addressed.
Remember that feature prioritization is a collaborative process that requires input from various stakeholders. It should be based on a balance between user needs, business goals, technical feasibility, and market dynamics. Regularly revisit and adjust the prioritization as the project progresses and new information becomes available.
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