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The steps to implement a product feature prioritization matrix in a company's operations are as follows:
1. Identify all potential features for the product.
2. Evaluate each feature based on its strategic fit and feasibility. Strategic fit refers to how well the feature aligns with the company's strategic goals, while feasibility refers to the practicality of implementing the feature given the company's resources.
3. Rank the features based on their strategic fit and feasibility. Features with high strategic fit and high feasibility are high-value projects and should be prioritized.
4. Implement the features according to their ranking. Start with the high-value projects, then move on to projects with high strategic fit but low feasibility, as these are low hanging fruits.
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Last, a product feature prioritization matrix can be used to determine which features are the most feasible and the best strategic fit. If a project has low feasibility and low strategic fit, then it's a low-value project, while a project with high strategic fit but low feasibility cost, is a low hanging fruit and should definitely be implemented. (Slide 6)
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How do you take your product management to the next level? Due to popular demand, we've expanded our Product Development Toolkit to include more tools...
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