Buy a Feature: Maximizing Value through Collaborative Decision-Making

TL;DR

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Maximize Value and Align Priorities with Buy a Feature: Collaborative decision-making at its best. Allocate resources effectively by engaging stakeholders in a discussion about feature value. Use our free Buy a Feature PDF worksheet to start making informed decisions today!

Buy a Feature is a collaborative decision-making activity that helps teams prioritize and allocate resources to features or ideas that have the greatest value to the business or project. The activity works by having stakeholders use a hypothetical budget to “buy” the features they want to see implemented.

This activity can be used in a variety of contexts, from product development to project management. It is particularly useful when there are limited resources available and difficult decisions need to be made regarding what to prioritize. By engaging stakeholders in a discussion about the value of features, Buy a Feature can help ensure that resources are allocated in a way that best aligns with business goals.

Here are the steps to running a Buy a Feature exercise:

Identify the features to be prioritized

Before starting the exercise, make a list of features or ideas that need to be prioritized. This could include anything from new product features to marketing campaigns.

Assign values to the features

Each feature should be assigned a value that represents its cost to implement and its potential benefit to the business. This value could be assigned by the project team or by stakeholders with relevant expertise.

Establish a budget

The next step is to establish a hypothetical budget. This budget should be a realistic estimate of the resources available for the project or initiative. The budget should be communicated to the stakeholders before the exercise begins.

Distribute the budget

Provide each stakeholder with an equal amount of “money” to spend on the features they believe are most valuable. The stakeholders can use this money to “buy” the features they want to see implemented.

Facilitate a discussion

Once stakeholders have had time to allocate their budgets, facilitate a group discussion about the choices that were made. This is an opportunity to discuss the reasoning behind the decisions and to identify any areas of disagreement or misalignment.

Adjust the budget

Depending on the results of the exercise, it may be necessary to adjust the budget or reevaluate the features that were prioritized. This is an iterative process that can be repeated as needed to ensure that the most valuable features are being prioritized.

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Download our PDF worksheet and start using the ‘Buy the feature’ exercise today to make decisions!