Feature prioritization template

Use this template to make informed decisions and prioritize features based on a combination of guided principles and data. The feature prioritization template empowers product managers to guide prioritization decisions with two tried and true frameworks: MoSCoW and RICE.

We recommend using the MoSCoW method for prioritizing features that take your product from 0 to 1, or pre-product market fit.

RICE scoring is best for prioritizing features that take your product from 1 to N, or post-product market fit.

The feature prioritization template helps you:

• Clearly outline your priorities
• Get aligned with stakeholders on priorities and next steps
• Mitigate risk using proven methods and data-driven decision making
• Make efficient use of resources

How to use the feature prioritization template

To use Mural’s feature prioritization template with your team, follow the steps outlined below.

1. Prepare by answering the four questions

The first step in feature prioritization is to make sure you have answers for the following questions:

• Do you have a solid strategy and clear prioritization criteria?
• Are you chasing a trend or will this have lasting impact?
• Who are you mainly listening to? The loudest speaker or biggest customer?
• Are you only responding to your competitors’ features (feature parity)?

2. Determine the best framework for current state

Next, determine which stage of the process best fits your journey: Is this a pre-market exercise? If so, it’s best to use the MoSCoW method. Is this about scaling an established solution? Then you should use the RICE scoring model.

MoSCoW method

The MoSCoW method is a prioritization technique used in project management and product development to categorize requirements or features based on their importance and urgency. The acronym "MoSCoW" stands for:

• Must have: These are the requirements or features that are critical and essential for the project's success. They are considered non-negotiable and must be delivered within the specified timeframe.
• Should have: These requirements or features are important but not critical for the project's immediate success. They are considered high-priority items that should be included if possible, but their omission would not jeopardize the project's overall viability.
• Could have: These requirements or features are desirable but not necessary for the project's core functionality. They are considered nice-to-have items that can be included if time and resources permit.
• Won't have (this time): These are the requirements or features that are explicitly excluded from the current project scope. They are considered low-priority or non-essential items that will not be addressed in the current iteration or release.

The MoSCoW method helps teams prioritize and make decisions about which requirements or features to focus on, especially when faced with limited time, resources, or tight deadlines. It provides a framework for stakeholders to align their expectations and make informed decisions about what is critical, important, or optional for the project's success.

RICE scoring model

The RICE scoring model is a prioritization framework used to evaluate and rank ideas, features, or projects based on their potential impact, effort required, confidence level, and reach. The acronym "RICE" stands for:

• Reach: This factor measures the number of users or customers who will be affected by the idea, feature, or project. It quantifies the potential reach or audience size. For example, if a feature will impact all users, the reach score would be high.
• Impact: This factor assesses the potential impact or benefit that the idea, feature, or project will have on users or the business. It quantifies the expected positive outcomes, such as increased revenue, improved user experience, or enhanced efficiency. The impact score reflects the magnitude of the expected impact.
• Confidence: This factor represents the level of confidence or certainty that the team has in the estimates for reach and impact. It takes into account the availability of data, user research, market analysis, or any other relevant information that supports the estimates. The confidence score reflects the reliability of the reach and impact assessments.
• Effort: This factor evaluates the level of effort, resources, and time required to implement the idea, feature, or project. It considers factors such as development complexity, design work, testing, and any other necessary tasks. The effort score reflects the estimated workload or investment needed.

Each factor is assigned a score from 1 to 10, with 10 being the highest. Once the scores for each factor are determined, they are multiplied together to calculate the RICE score:

RICE Score = Reach x Impact x Confidence / Effort

Higher RICE scores indicate higher priority items that are expected to have a significant impact, reach a large audience, and require relatively less effort.

3. Capture any questions, ideas, and other considerations

After you’ve gone through the appropriate exercise, make sure that you give space to your team to brainstorm any related ideas, answer questions, and record other considerations that may factor into the success of your feature(s).

Tips for running a feature prioritization template exercise

To get the most out of the Mural feature prioritization template, built by the Product School of Silicon Valley, you should:

• Before bringing the team together, go through the four questions at the beginning of the template to make sure you’re prepared and can make the group effort as effective and rewarding as possible
• Use tools like anonymous voting and private mode to get honest feedback and determine next steps, as well as avoid groupthink when brainstorming
• Once you’ve conducted your exercise, share it with stakeholders to make sure you have broad alignment and a clear vision for next steps