Weighted Scoring is a product management technique used to evaluate and prioritize features or ideas based on their relative importance to the overall product strategy. It involves assigning weights to different criteria and scoring each feature or idea against those criteria to determine its overall value.
The first step in Weighted Scoring is to identify the criteria that are most important to the product strategy. These criteria could include factors such as market demand, technical feasibility, competitive advantage, and revenue potential. Each criterion is assigned a weight based on its relative importance to the product strategy.
Next, each feature or idea is scored against each criterion on a scale of 1 to 10, with 10 being the highest score. The scores are then multiplied by the weights assigned to each criterion to calculate a weighted score for each feature or idea.
For example, if market demand is assigned a weight of 40% and a feature scores 8 out of 10 on market demand, its weighted score for market demand would be 3.2 (8 x 0.4). The weighted scores for all criteria are then added together to determine the overall value of each feature or idea.
Weighted Scoring is important because it provides a structured and objective way to evaluate and prioritize features or ideas. By assigning weights to different criteria, product managers can ensure that the most important factors are given the most consideration. This helps to avoid bias and ensures that decisions are based on data and analysis rather than personal opinions or preferences.
Weighted Scoring also helps to align product decisions with the overall product strategy. By prioritizing features or ideas that are most closely aligned with the product strategy, product managers can ensure that the product is moving in the right direction and delivering the most value to customers.
Weighted Scoring is a powerful product management technique that can help product managers to evaluate and prioritize features or ideas based on their relative importance to the overall product strategy. By assigning weights to different criteria and scoring each feature or idea against those criteria, product managers can make more objective and data-driven decisions that are aligned with the product strategy.