There are many prioritization frameworks available. My personal favorite is RICE, which is recognized as an industry standard in product management. However, RICE has certain prerequisites that must be met before implementation.
One of the simplest and most effective frameworks to use involves choosing only two from the following:
- Speed (fast)
- Quality (good)
- Cost-efficiency (cheap)
💡 If you're aiming for product-market fit, focus on speed and cost-efficiency.
💡 Once you've found market fit, aim for speed and quality. This might need funding or cash flow, as it won't be a low-cost option.
💡 If you're a large corporation, opting for low cost isn't viable due to labor costs and opportunity costs. The decision then boils down to either fast or good.
💡 When running an experiment, speed and cost-efficiency should be your priorities.
💡 If you face intense competition, quality should be your default choice. Often, speed also becomes a necessity, but this will require cash flow as it won't come cheap.
💡 If you are building a major feature for your product, fast is not an option. You need to do it good and it will be expensive, especially if it requires heavy product development.