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New Product - How to prioritise when PO prioritises all features as high priority

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When delivering a new software product, and having already chunked up the work into releases (such as an MVP) how should the Product backlog for a release (or MVP) be prioritised?

The conversation, from a Scrum team perspective, with the Product Owner, invariably goes along the lines of:

'What should we be working on first, since we want to always be working first on those things with the highest business value?'.

This is met with, from the Product Owner:


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