This is another very commonly asked question.
The process is actually very easy. It would include development and team agreement on some key criteria such as pain for users, % of customers impacted, revenue potential etc… Once you have the criteria, you will need to weight then – the sum of weight needs to 100% obviously.
From there it’s a matter of entering the features into the list and evaluating. The most important part is to get the broad stakeholders team agreement on all the scores – even better so, you as a product manager should do the evaluation together with your team from engineering, IT, operations, sales, finance and others. This way any disagreements and potential future issues can be minimised.
To make this easy, here is a screen shot of prioritisation matrix which is essentially part of Parcus Group Product Management Software platform.