How to Prioritize when Everything is High Priority: the Data-Driven Approach
At a company where data is core to business, to help make data-driven decisions, I recommend the following 5-step prioritization approach, which builds on the RICE prioritization method, to determine which initiative to move forward with.
Step 1: List all possible initiatives you're considering, from pie-in-the-sky to the short-term.
Step 2: Score each item in the list on the following 4 attributes, each on a low/medium/high scale:
Impact: Expected business impact -- in profit/savings or towards mission
Note: If it solves an (internal/external) client pain point, how does that translate into business impact?
Confidence: Data availability
Effort: Timeline to deliverable
Step 3: Sort according to those that score high on business impact, breaking ties with those products that are more interconnected.
Step 4: Discuss results of Step 3 based on the other attributes to determine the next initiative.
Step 5: Repeat Steps 1-4, potentially quarterly.
Keywords: Data products, prioritization, productivity
You may also like:
How to prioritize features in your product backlog by Adam Bader
How to Prioritize When Everything Feels Important, by Jessica Greene
How to Prioritize your Work when your Manager Doesn't by Amy Jen Su
The Fundamentals of Roadmapping by Julia Austin
3 Steps to Creating a Minimum Viable Launch by Ilana Brown
How Basecamp does this: Shape Up: Stop Running in Circles and Ship Work that Matters, by Ryan Singer