When countless ideas and features float around the meeting room, it can make your decision-making process in product management difficult. The weighted scoring model is one of many prioritization frameworks that can help you objectively streamline product features and enhance your product roadmaps. Here’s how you can use the weighted scoring formula as your decision matrix in product management.
How Do You Use Weighted Scoring?
At the heart of the weighted scoring model is a prioritization process, which allows you to focus on initiatives that matter most.
Here’s what you need to do:
- List your criteria: Every product or project has a unique set of criteria. From functionality and pricing to sustainability and personal data concerns, list out everything that’s important.
- Assign a weight: Using a numerical scoring method, attribute a numeric value to each item (typically 1-10). The higher the numeric value, the more significant its weighting value.
- Score each item: Every product feature on your backlog has a different value. Using metrics and maybe even an Excel template, score each against the set of criteria.
- Multiply and tally: Determine the total score by multiplying the numeric value of each item with its weighting value. Sum it all up to get the overall score.
How Is Weighted Scoring Calculated?
Overall Score (or Final Score) = Summation of (Each Criterion’s Numeric Value × Its Weighting Value)
This formula is the backbone of the scoring matrix. It simplifies the cost-benefit analysis of each feature, helping you get a weighted average for easier decision-making.
How Are Weighted Scoring Results Analyzed?
Decoding the numbers from the prioritization matrix or the scoring matrix offers actionable insight.
- Higher scores: Put these initiatives on the top of your product roadmap template. They offer significant benefits and align with product development goals.
- Middle-range scores: Schedule these after the high-priority tasks. They hold potential but can wait.
- Lower scores: These initiatives usually end up in the backlog. Revisit them when you have the resources.
These scores are more than numbers—they’re insightful metrics for product teams and decision-makers. You can use these results to assess the direction of your project or product.
How Do Product Managers Use Weighted Scoring?
As a product manager, the weighted scoring method can have many uses for product development and prioritizing integrations:
- Feature prioritization: The first step in product development is filtering through your long list of product features. The weighted scoring model makes this decision-making process efficient.
- Resource allocation: With a clear picture from the prioritization matrix, team members can align with the right tasks.
- Stakeholder communication: Stakeholders always want to understand the ‘why’. Presenting them with a weighted scoring method offers transparency.
- Continuous reevaluation: The product landscape is dynamic. As a product manager, you should consistently refer back to your decision matrix, ensuring important factors aren’t overlooked.
- Templates and tools: You can leverage product management tools, Excel or integrations with platforms like LinkedIn to streamline the weighted scoring process.
- Beyond products: Beyond product features, you can evaluate areas like pricing, sustainability, and the handling of personal data with the weighted scoring model.
The weighted scoring model is a great method to streamline decision-making. Whether you're building the next-gen product or strategizing project management initiatives, this model is your roadmap to success as a product manager.