Startups

What is Weighted Scoring Prioritization? – Definition, Product

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.

Step 1:

  • It compiles the list of the features and other initiatives under consideration.

Step 2:

  • 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.

Step 3:

  • 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.

Step 4:

  • 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.

Also Read: What is Database Marketing? – Definition, Benefits, Challenges, and More

Review What is Weighted Scoring Prioritization? – Definition, Product. Cancel reply

All Marketing Tips

Share
Published by
All Marketing Tips

Recent Posts

https //www.twitch.tv/activate xbox code

How to Activate Twitch TV: Having trouble setting up Twitch on Xbox One? Don't worry;… Read More

May 24, 2023

Catastrophic Injury Attorney

Personal injuries are almost always traumatic. However, some injuries leave victims with long-term, life-changing consequences.… Read More

May 16, 2023

rajkotupdates.newsnew-york-mayor-eric-adams-also-poses-in-pushpa-style-like-allu-arjun

Tollywood hero Allu Arjun was honored as Grand Marshal by New York City Mayor Eric… Read More

May 10, 2023

indexnse: nifty_next_50

indexnse: nifty_next_50: The Nifty is the National Stock Exchange (NSE) 's flagship benchmark, well-diversified… Read More

April 17, 2023

What impact does inflation have on forex trading?

Do you constantly try to keep up with the ever-changing forex market? Are you looking… Read More

April 12, 2023

What to Look for From Gold Sellers like Goldco

Gold Sellers like Goldco: Dipping your toes into investing can be intimidating no matter what… Read More

April 3, 2023