Why “must have” and “nice to have” are not enough

Whether you are building a new product or adding to an existing product, figuring out what to build is key task for a #productmanager.

#Prioritisation is a must.

It directly impacts the success of a product and often the career progression of a #PM.

It is hard because
⁃ usually there are so many things to do when the product vision and goals are ambitious
⁃ there are multiple stakeholders to satisfy or get support from
– multiple drivers – win new deals, keep existing customers, beat competition…

Usually scope is prioritised as
⁃ “must have” – absolutely necessary to include in a specific version
⁃ “nice to have” – useful, but not necessary

In practice, these broad categories are good, but not enough.
What happens when you have 5 items in the must have category but capacity only for 3?

This creates confusion. Not desirable when racing to meet a deadline.

That is why I prefer ranked prioritisation.
– Items on scope list must be ranked with justification
– Rank must factor in different drivers and stakeholders

This takes more effort and discipline, but it avoids confusion.

What do you think?
What scheme do you use to prioritise?