Scoring
How should a product scoring mechanism be created?
Features
I opted to prioritise product features for this example, but business owners, product managers, and just about anybody else may do the same with tasks, prospective employees, and other items. Assume for the moment that I’m developing Airbnb from scratch. Choose your features based on input from your team, your stakeholders, your customers, etc.
Setting boundaries
These are the factors that you and your team believe will have an impact on how you prioritize your products. For instance, if you and your team are intending to develop three distinct product features, each will be given a score based on the three factors you specified. These factors could include things like cost, complexity, and construction time.
Choosing weights
Each element may have a distinct weight and influence on your final selection since not all apples are red. Perhaps you lack funds, in which case cost would be your main concern, or perhaps you are in intense rivalry with two other firms, in which case time to build would be the most crucial factor. PSM weights may be outlined in several ways. The most typical technique to create weights is to choose a number, which might be between 0 and 1, and then multiply each score by that number.
Establishing a scale
You could scale all of your parameters at once, or you could scale each parameter separately. Setting a scale is a technique that may be used to align everyone on how to rate the various criteria. What the lowest and maximum score values are, as well as what they individually imply.
Scoring (input)
The real task of scoring is for you and your team to think critically about each parameter and assess it for each feature once you have clearly established the PSM scales and aligned the team. To avoid being influenced by other team members, it is crucial that each team member completes this task independently. However, as you are the most familiar with your team, you may attempt a joint effort if you think it would be better.
Normalization (optional)
Your score normalization is optional. You can avoid normalising your scales if you keep them ignorant. However, you would want to normalise your scores if you do not keep them in the dark or include weights in your PSM.
Output (Total Score)
Keep in mind that our method computes the numbers we enter it with. Time to calculate the results. It depends on how we create it, much like every other component of our product scoring mechanism, but for the sake of simplicity, we’ll calculate a total score for each characteristic. To get a single score for each characteristic, I’ll just add up the many parameters.
Prioritization
It’s time to set priorities now. This is my response to the question you posed. Are you trying to find a maximising issue or a minimization problem? A decent answer in our situation would be something that is easy to construct, affordable, and rapid. Important or valuable to the consumer parameters might lead to dispute, forcing you to modify your scale for minimization or maximisation.
Benchmark
In certain circumstances, you may want to establish a standard or a starting point for your group or organisation. This benchmark might be established by trial and error to confirm, on the same scale, what would constitute a score above which you would choose to launch, for instance, and below which you would archive, a feature. A score from market research or data analytics might potentially serve as a benchmark. The most crucial thing to keep in mind is to maintain your PSM and benchmark on the same scale; otherwise, it is completely meaningless.
Recommendations
Now that you may suggest a product with objectivity and impartiality. You will be able to challenge your intuition, feelings, and ego using numbers, not only your own numbers but also the PSMs of your team. However, choosing a product will be lot simpler if you have a method that facilitates somewhat clearer and better judgements.
What is the Product Scoring Mechanism’s problem?
We’re back with prejudice this time. The score and output, according to critics, are still skewed because of how your product rating mechanism was constructed. I agree that we can control any process to get the desired consequences. However, by breaking down huge issues into smaller ones using this strategy, we decrease our bias and, sometimes, really measure a quantity, such as cost or time to create. A diverse staff will help you build your product scoring process, reducing the bias of the system.