A value-effort matrix is a 2x2 matrix that charts Value on the Y-axis, and Effort on the X-axis. Initiatives are mapped onto the chart according to whether they require high or low effort, and if they yield high or low rewards.
High effort, low value = Time sinks
High effort, high value = Big bets
Low effort, high value = Quick wins
Low effort , low value = Maybes
Good product managers can use value-effort matrices to determine the next-best initiative to work on. The value-effort matrix should not be an end-all be-all method to prioritization, but should be used in conjunction with other methods, such as
RICE and
Kano, to create effective ranked backlogs.
