This post refers to a technique often used in Agile software development, including within the Scrum framework. It is not an introductory text so not recommended for non-agilists.
‘user-stories’ are classified as: Must (do), Should (do), Could (do) and Won’t (do), known as: MoSCoW. User-stories are then usually prioritised by an integer representing value, which represents a calculation of return on investment, or benefit:cost.
Paul Oldfield, Chief Referee at LinkedIn ‘Agile & Lean Software Development’ group said:
I find a bit of a problem with MoSCoW – distinguishing between “Must have eventually” and “Must have in release 1”. Get beyond release 1 and a high value “should have” can be prioritized in front of a low value “must have”.
And then, a lot of the “must have in release 1” turn out not to be, if we look closely.
“If you want all these in release 1 you get nothing for 6 months.
Or you can get these in 2 weeks, those in 4 weeks… would you like that?”
I gave (a slightly worse version of) this reply:
I think MoSCoW is about ‘importance’ not ‘urgency’.
Urgency comes into the prioritisation choices when the benefit of the story is time sensitive.
Delivering benefit early starts summing value for longer, so total value delivered in the life-time of the product or service will be higher but now we’re talking about delivering a different absolute ‘spot value’. Putting it another way, value can be a function of time.
e.g. “If this isn’t ready in 2 weeks then we’ll be fined by the regulator” or
“We need this before the Summer Sale starts. If you miss that, it’s useless until Christmas.”
I didn’t know this before today. I’m sharing the idea in case it helps someone else or they can improve it and give me a copy. It’s how things worked before science had to make a profit.