Weighted scoring prioritization Definition
Weighted scoring prioritization uses in numerical scoring to rank our strategic initiatives against benefit and cost categories.
It is helpful for product teams looking for objective prioritization techniques that factor in multiple layers of data.
And weighted scoring is the prioritization framework designs to help us decide how to prioritize features and other initiatives on our productivity software roadmap.
With its framework, initiatives are scored according to standard criteria on a cost-versus-benefits basis and then ranked by their final scores.
The weighted scoring approach aims to derive an objective.
An also it quantitative business value for each competing item on your list.
We can use those values to determine which items must prioritize on our roadmaps.
How the Product Managers use Weighted Scoring?
- In the product context, weighted scoring prioritization works as follows.
- It compiles the list of the features and other initiatives under consideration.
- Devise the list of criteria, including both costs and benefits, on which it’s scoring each of these initiatives.
- The screenshot here shows a team’s example using six scoring criteria.
- And three costs, three benefits—to rank five competing product initiatives’ relative strategic value.
- It determines the respective weights of each criterion we are using to evaluate our competing initiatives.
- For example, let’s determine that the benefit “Increase Revenue”.
- It should be weighted more heavily in the overall score than the cost “Implementation Effort.”
- Then we want to assign a more significant percentage of the overall score to Increase Revenue.
- Assign individual scores for each potential feature and initiative across all of our cost-and-benefit metrics.
- And then calculate these overall scores to determine how to rank our list of items.