Tier ranking is a method of prioritizing features, tasks, or other work items based on their importance or value. This can be done using a variety of methods, such as assigning each item to a specific tier (e.g. "Tier 1", "Tier 2", etc.), or by using a points system to prioritize items based on their relative value. Tier ranking is a useful tool for product teams, as it helps to ensure that they are focusing on the most important and valuable work items first. By ranking items in this way, teams can make more informed decisions about how to allocate their resources and prioritize their efforts.