The Project prioritization is the important process of determining which potential projects are the most urgent and important. The name itself indicates that that to prioritize the projects. For this MoSCoW technique can be used. MosCoW is very famous Prioritization technique used widely. The term is an acronym that represents the different possible categories of prioritization ie Must have, Should have, Could have and Won’t have. Must have is essential requirements that must be absolutely included in the product.
- Should have is these requirements are important yet not crucial.
- Could have is these requirements are desirable but not necessary for issuance.
- Won’t have are these requirements are the least critical or even those not aligned with the product strategy.
It is the first and very crucial step in building a strong and balanced project portfolio and making effective resource allocation decisions. This process involves measuring the criteria that are most relevant to your business and applying them to all of your projects. This Project Prioritization is so much important in the project as it starts at the beginning and the future of the project is totally depends on this because if you have the fixed bid or Billing project then it is important to focus on the Budget and the time to complete the project.