After having outlined your interests and your budget, you should now come up with a shortlist of programs that tick all the right boxes for you. By planning your study (see Step 1), you would have identified and prepared a list of certain programs you find attractive.
Now, your job is to shortlist programs you plan to apply to, from the initial list. To do this, you should collect as much information as you possibly can about these programs and the Universities that offer them. To start with, compare these options based on multiple relevant metrics (like reputation, research output, outcomes, ROI). Also, do incorporate other factors like student body profile which you feel are relevant.
Overall, this step requires you to put in a lot of effort sifting through data. There are multiple resources for information which you can seek help from in your search. Here’s a list of resources and people you should consult on in-depth guidance for study abroad (link to top 4 places to get expert study abroad guidance)