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Prioritize Work for a Product Team

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Problem

Scenario

You are the Engineering Manager for a product team shipping a customer-facing workflow in a B2B SaaS platform. The team has more requests than capacity: new feature asks from Sales, reliability fixes from Support, and a platform rewrite proposal from another engineering group. Leadership wants a clear plan for what should happen now, what can wait, and what should be dropped.

Question

How do you decide what work should be done now, later, or not at all?