Prioritization is defined as the process by which a set of items are ranked in order of their importance to the project. When it comes to project management, initiatives that live in the backlog must be prioritized as a means of deciding what should be considered next in the process of implementation.
Similarly, in product management, it is related to the disciplined process of evaluating the importance of work, ideas, and requests. All of this is carried out to eliminate wasteful practices and deliver customer value in the quickest possible way, keeping in mind all the incoming constraints.
The reality of building a product or even taking over a project is that you can never get everything done. You will observe that the priorities shift, resources are reallocated and funding might come in scarce. However, it’s the job of a project manager to make sure that the team is working on the most important things first.
Also, See: Initiation
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