Previous to this exercise, you should have a list of items such as ideas or problems.
1. Draw two axes on a large surface.
2. Pick two criteria your participants find important. Here are some commonly used examples:
Impact / Effort
Risk / Knowledge
Urgent / Important
Business Needs / User Need
Feasibility / User Value
Consequential / Reversible
Cost / Problem
Time to MVP / Market Differentiation
3. Plot your items on the axis by ranking them against the criteria. It can help to ask “is this more or less than this one?” to get a sense of relativity between items.
The value of this exercise is not in the absolute rankings you obtain, but in the discussion your participants will have around it. Make sure you not only capture the ranking, but also the arguments used in the discussion as well.