Question

Three of the factors that may influence the way a set of requirements is prioritized, are:
(a) Benefit, (b) Cost, and (c) Time-Sensitivity.

Explain what each of these three factors mean. (In other words, how does each of these factors influence the way each requirement may be judged for determining its prioritization?)

Please clearly indicate in your answer, when you are answering A, B and C.

Answer 1

Prioritization of requirements needed for a project is a vital process in project development. By prioritizing the requirements, we can identify and verify the project risk and can make decent decisions regarding the development of a project. There are mainly three factors that may influence the way a set of requirements is prioritized, they are a benefit, cost, and time-sensitivity.

Benefits

In every project, it is essential to organize which requirements are generally significant for the project. Mainly in a software development environment, the stakeholders need to prioritize the requirements such as the most essential architectural requirement, the requirement the customer wanted desperately, the strategic importance of a requirement, etc. Stakeholders analyze these requirements and prioritize according to the benefit it may create to reduce the risk and increase the success of a project.

Cost

It is essential to prioritize requirements based on the cost to adjust the business advantage of every requirement against its expense. Several factors can influence the cost such as the amount of stakeholder involvement, requirement complication in the project, etc. These levels of cost estimation can influence the prioritization of requirements in a project, by effective implementation, we can cost-effectively develop the project.

Time-Sensitivity

Sometimes time can be a factor that influences the way a requirement is prioritized. In every project it is important to make a suitable environment to develop a project, i.e. Time is influenced by aspects such as the time needed to make the infrastructure that supports the project, proper training needed for the stakeholders, the time needed for processing the operation of a project, etc. Time sensitivity of requirements can affect the project deeply so, an effective prioritization is required, it allows stakeholders to analyze the time required for project development.