As a BA ,The requirements are collected by using the elicitation technique by the business analyst after the requirements are being collected prioritize the requirements is one of the biggest challenges in any project.
Even every product managers who plans their roadmaps worried about how to decide what to work on first. It is An an essential part of product strategy, prioritization is e permanently studied and improved. For me I just want to share some insights on how by using some of the combination of techniques , will get to helps to solve a lot of issues in the project. The requirement prioritizing is essential for the success of project. It ensures that the project prioritizes the critical parts first and that everyone understands and agrees on what those elements are required for the project. A organized requirements ensures that engineers, programmers, and database analysts build the most essential components of a project in accordance with objectives.
The 3 Factors that are considered while prioritizing the requirements are:
1.Value– The value that the company will gain in a specific need is met first . The benefit of implementing a certain demand in terms of capability, quality, price, and supplies for being used in the most efficient manner
2.Risk–Risk is whether it will yield or not yield the expected value. There are reasons why requirements may not be met, including understanding the requirement, completing the requirement’s responsibilities, and applying the need in the project.
3.Time– When we prioritizing requirements, the important consideration is the time . Some requirements are important so that must be implemented before others requirements.
For dealing with this scenarios we must use techniques for prioritizing the requirements:
When we use an ordinal scale to order the criteria, we assign each one with a different numerical value based on its relevance. The number 10 can be allocated to the most important requirement, while the other number 1 can be assigned to the least important requirement, with 10 being the total number of requirements.
This has four priority categories instead of numbers: MUST have, SHOULD have, COULD have, and WON’T have for prioritizing the requirements. Stakeholders can evaluate the requirements in a collaborative manner using this technique for the project. The MOSCOW stands for the following:
MUST (Mandatory for the project)
SHOULD(Of high priority for the project)
COULD(Preferred but not necessary for the project)
WOULD(Can be postponed and suggested for future execution for the project)
3.Hundred Dollar Test
This method can be used to prioritize the requirements in a most essential criteria. Each stakeholder is given a hypothetical $100, which they divide among the different requirements of the project. As a result, the stakeholder has the option of allocating all 100 dollars to a single requirement or distributing the points more evenly in all the requirement. The priority of a requirement is determined by the amount of money allocated to a particular requirement. Finally, the total is done, and then the requirements are ranked according to the number of points earned by the each requirement.
Thus the most effective requirement prioritization techniques? The one that best meets our requirements and achieves our objectives in the shortest length of time is the best choice. Once we have a general notion of which approaches will be useful for our entire project, we can test all out in real life to see how well they operate in our every situation of the project.