Try this …
- Get proposed feature list
- Assign “business value points” using Fibonacci – just relative ranking – use Planning Poker – this is a team exercise with PO’s, Architects, others from the associated delivery team. Complete this step for entire feature list before moving on to step 3.
- Assign “cost points” (or “size points”, or “Feature Points”) – Again, relative sizing using a Fibonacci scale.
- Rank = Value/Cost. (This is WSJF slightly simplified). Sets priorities for release planning or PI Planning, or portfolio planning.
For more about WSJF, check out Don Reinertsen’s book: The Principles of Product Development Flow.