Value-based Prioritization
Value-based Prioritization is a way to decide on the order of the development of features or functionalities based on the value each one brings. In Scrum, teams prioritize items in the Product Backlog based on their perceived customer or business value. It allows teams to focus their efforts on what matters most, making the most efficient use of their resources and time.
Guide to Value-Based Prioritization in Scrum
Value-Based Prioritization is a vital aspect of Scrum methodologies that defines priorities of features based on their yield of business value.
Importance: It is useful for facilitating quick decision-making in complex and quick-moving project environments, by highlighting the tasks that provide the highest value.
What is It: In the Value-Based Prioritization, various features or aspects of a product that need to be created are assigned values based on their potential return on investment or their importance to the project. These could be based on customer value, business value, learning value or risk value.
How It Works: A common method is the MoSCoW method, which is an acronym for Must have, Should have, Could have, and Will not have. Other method is Priority Poker. Also High-Medium-Low prioritization strategy can be used.
To answer questions about Value-Based Prioritization in an exam, follow these tips:
- Understand the concept: Be clear about the importance, process and benefits of Value-Based Prioritization.
- Application-Oriented: Questions may need you to apply this method in a given situation. So understanding of real-time scenarios is important.
- Revise Terminologies: Revisit all relevant terms like ROI, MoSCoW, etc.
- Practice: Finally, practice is essential for mastering this concept. Use sample questions, mock tests, etc. to enhance accuracy and speed.
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