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Since I have started working at Microsoft I have had to absorb and remember a forest of acronyms and when it comes to assigning priorities to work items, issues or bugs, we encounter the P? acronym. 
Here is a short summary of the priorities we deal with:
| P0 | Do not do anything else, this is a blocker. You can think of the Lancaster bomber flying over the English channel with 4 engines on fire … getting the fires out is a P0 priority. |
| P1 | Must be fixed. |
| P2 | Should be fixed, time and resource permitting. |
| P3 | Might get fixed. |
| P4 | Noted … this is one step away from the black hole. |
What priorities are you using? I would be interested to see how others are managing their priorities within Team Foundation Server (TFS) and other ALM environments.
Anonymous
October 22, 2009
MoSCoW: M - Must have S - Should have C - Could have W - Wish listAnonymous
October 23, 2009
P0 - Dead in the water, system is down or is corrupting data P1 - Critical issue for which there is no work around and a certain process cannot continue, but other areas of the system are still functioning p2 - Bug, but there is a reasonable workaround and will be addressed in next service pack P3 - Minor bug (typo, harmless, or otherwise) that will be fixed when time is available (i.e. almost never)Anonymous
January 30, 2014
p0 Due in 30 minutes with a conversation p1 due in 30 minutes p2 due EOD p3 just do it tomorrow or the day after p5 ill ask you a question EOD to return to p3 statusAnonymous
January 30, 2014
p0 Due in 30 minutes with a conversation p1 due in 30 minutes p2 due EOD p3 just do it tomorrow or the day after p5 I don’t have time right now but ill take a look and email you a suggestionAnonymous
February 25, 2016
P0- "Must-now". Don't do anything else. May have to sleep less tonight. There is business loss already. The longer it's not fixed, the longer the product and the team are in Failure state. P1 - "Must-have". Must meet its deadline, otherwise there will be significant business loss, the product cannot ship, and team fails. P2 - "Important to have". If not fixed, will lose nontrivial portion of customers or business according to track record, customer feedback or quantitative analysis. P3 - "Nice to have". No quantitative data showing that there will be significant customer/business loss if not fixed, or gain otherwise. Done only in special occasions such as during a team morale, a marketing campaign or customer engagement.