Every organization has a hierarchy of purpose, which helps it determine the projects to prioritize. In addition, it helps organizations allocate resources adequately and guarantee they go where they are needed the most. Resources allocation is essential at the operational land strategic level because it determines the success or failure of a business (Kharzi et al., 2020). Many models are used to determine the prioritization of the projects; however, this study will analyze the MoSCoW method.
The MoSCoW method is quick and simple for deciding what is important to the stakeholders. It is an acronym for must-have, should-have, could-have, and won’t-have elements (Kharzi et al., 2020). The must-have elements represent the initiatives that the company cannot do without. These are the things that an organization needs to complete its mandatory tasks (Kharzi et al., 2020). Should-have initiatives are below the must-have and include essential elements for a product or project to release but are not vital. The function will still work out if not there, but they add significant value to the project.
Could-have initiatives can be termed as nice-to-have because they are not necessary to the main function of the process or project. In addition, they have a much smaller effect than the could-have initiatives when left out (Kharzi et al., 2020). Finally, there are will-not-have initiatives the team chooses not to have in a specific release. These initiatives are not highly needed during the specific time of release. Some of the will-not-have initiatives become a priority in future releases due to technological advancements.
This study shows that it is essential to prioritize resources to ensure that a company meets its objectives using the available resources. The MoSCoW methods provide a clear guideline for classifying the products to meet these specific needs using the must-have, should-have, could-have, and won’t-have elements. When used strategically, this model can lead to the success of a business; however, when not utilized, it can cause failure.
Reference
Kharzi, R., Chaib, R., & Akni, A. (2020). Prioritizing the actions to be undertaken in health and safety at work: case study region of Tiaret. International Journal of Law and Management, 62(3), 267–275.