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The X axis would go from low risk+complexity to high risk+complexity, and the y axis from low biz+cus desirability to high biz+cus desirability.

You are correct that the way you described wouldn't work.

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Yes it seems like an item would be posted on an axis where theoretically the item could exist on both ends?

Nice to have should really be, not necessary. Problem with that is the product team will be less likely to mark things as not-necessary. So we dub these less needed features as nice to have so there's a higher chance of negotiating about their priority.

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