Value/Effort matrix
A quick way to prioritize initiatives relative to each other is the value/effort matrix. In this matrix, the value of initiatives is plotted against the effort it will take to implement them on two axes. This quickly makes clear what the priority of the initiatives is relative to each other. It is the first quick weighting.
- Organize a session with product owners, stakeholders, and team representatives with the goal of prioritizing the list of initiatives.
- Write each initiative on a card.
- Place the value/effort matrix on a large piece of paper or a flip chart.
- Let the team responsible for estimating the effort required for the work do so. You can do this by placing the smallest initiative on the left of the effort axis and the largest initiative on the right of the effort axis. This sets the extremes. Then, for each subsequent initiative, ask whether it requires more or less work than what is already there.
- Then do the same with the value of the initiative. Determine each time whether something delivers more or less value than what is already there.
- The cards will move around a bit, which is fine. Try to distinguish as much as possible so that the cards don’t all end up in the middle or on the same position as another card. This forces you to choose each time.
Meaning of the quadrants of the value/effort matrix:
- Quick win: high value, little effort.
B. Don’t start yet, first split up: high value, large amount of effort.
C. If we have time left: little value, little effort.
D. Don’t do: little value, large amount of effort.
Value/Effort matrix
