Let's talk about business value.
Many companies forget one simple truth when estimating and prioritizing their projects or features/user stories. It does not matter how many figures you can get; only the value you produce is what matters.Based on our practice, you should never overestimate or overthink anything related to business value as it could change based on market trends.
Think of this example as a guide. What you care about when buying a house is:
How much is the investment/cost now?
What is the loan rate? How will the initial investment change during the time?
When will the house be mine? What is the duration?
Some of the most useful approaches when evaluating your project or feature are:
Qualitative: Kano model; the ratio between Value and Urgency showed as High, Medium, Low.
ROI (Return on Investment): Value/Cost
NPV (Net Present Value): Discounted Value/Cost
Cost of Delay: How many dollars are you losing each week/month for the delay? Total COD = Lost Month Cost + Peak Reduction Cost
Remember: quantifying a business value is inaccurate and imprecise. The goal is to experiment as quickly as possible!What is your experience with understanding the business value?