The importance of requirement prioritization

Any project has a limited budget, definite duration, and finite resources. Prioritization helps with managing requirements and the allocation and utilization of resources effectively and productively. It helps us focus on putting our efforts into implementing the most critical requirements that matter most. By prioritizing, we are identifying and defining when requirements get addressed and implemented. This helps us improve communications and keep everyone transparent. Many times, I have experienced that the prioritized list keeps changing. When socialized with stakeholders, they rethink and redefine what they need now versus later. This helps us to move requirements around and prioritize them to get the most benefit for everyone.

Prioritization activity should be iterative, at our workplace, we revisit this list every 3 to 6 months and adjust it based on the needs at that point in time. New requirements will be added and they may take...