Bread and butter initiatives have a high chance of succeeding but a relatively low business value if successful. Oysters are hard projects with a low success probability but a high business value if successful. This prioritization template will force you to deal with resource issues. By focusing on cost-benefit analysis and combining that with prioritization and decision matrices, teams can better understand the relative return on investment for all their options.įind your oysters, white elephants, pearls, or bread and butter projects. The idea is to understand and rank order the relative ROI of a set of options. It helps uncover value, creates more options and helps them to understand the opportunity cost, resulting in great products every single time.įormer McKinsey employee Joe Newsum has another way to think about prioritization. Prioritizing prioritization helps teams to understand the magnitude of every decision they make. McKinsey uses prioritization throughout everything they do, with one manager saying “everything you do should be prioritized, whether it is figuring out what you are going to do today, analyzing data, or communicating recommendations”. However, it’s not just their research that backs up the importance of prioritization. Their research found that companies that use regular evaluations and prioritization can be worth around 40% more than companies that don’t. The management consulting company has been preaching prioritization for a long time now, and with good reason. There are few companies that know the value of prioritization more than McKinsey. Cloud-based project management platforms like airfocus make it easy to take your prioritization results and view them on your roadmap. Manually translating your prioritization efforts onto your roadmap can be tedious and confusing. Prioritization framework template benefit: Can be integrated with your roadmaps With a few simple clicks, another member of the team can see and collaborate on prioritization charts, even if they’re on the other side of the world. Cloud-based project management software makes it incredibly simple to share templates between teams and stakeholders. A wall can’t be moved (not easily, at least) and dragging around a whiteboard every time someone in another room needs to take a look is more hassle than it’s worth. Prioritization framework template benefit: Easy to shareīack in the days of old, roadmaps, Kanban boards, and prioritization charts had to be created on a wall or portable whiteboard so it was large enough for everyone to see. Using a digital prioritization framework template also allows for easy editing and updating as the project progresses, with a handy undo button just in case. Using a pre-built prioritization framework template often allows you far more space than you’ll need, which makes last-minute additions a breeze. Everyone’s conscious of time, so there’s often no time to include enough room to scale up or adjust. Prioritization framework template benefit: Easy to updateīuilding your own visualizations often means including the bare minimum. The more time you spend away from the product, the less value you can add to it. Your team could have come up with a great feature idea or crucial prioritization judgment during the time it takes to build the matrix. Creating that matrix takes valuable time out of the beginning of a session when everyone’s minds are most active. Say you’re building a simple weighted decision matrix. Prioritization framework template benefit: Time-savingĮven if creating a visualization of your decision-making process takes five minutes, that’s five minutes that could have been used to add value elsewhere. The less time we spend on menial tasks, the more time we have to focus on adding value to our products. They simply act as a tool to save product teams time and effort so we can get right to business with everything we need to make better decisions. Templates are helpful for almost every part of product management, from Kanban boards to roadmapping. This is where prioritization framework templates - like these, for example - come into play. Each framework visualizes the data in a different way and building something from scratch every time you need to prioritize is going to put a dent into your productivity. What is a prioritization framework template?Īs you know by now, there are countless ways to prioritize your upcoming work.
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