Book Image

Lean Product Management

By : Mangalam Nandakumar
Book Image

Lean Product Management

By: Mangalam Nandakumar

Overview of this book

Lean Product Management is about finding the smartest way to build an Impact Driven Product that can deliver value to customers and meet business outcomes when operating under internal and external constraints. Author, Mangalam Nandakumar, is a product management expert, with over 17 years of experience in the field. Businesses today are competing to innovate. Cost is no longer the constraint, execution is. It is essential for any business to harness whatever competitive advantage they can, and it is absolutely vital to deliver the best customer experience possible. The opportunities for creating impact are there, but product managers have to improvise on their strategy every day in order to capitalize on them. This is the Agile battleground, where you need to stay Lean and be able to respond to abstract feedback from an ever shifting market. This is where Lean Product Management will help you thrive. Lean Product Management is an essential guide for product managers, and to anyone embarking on a new product development. Mangalam Nandakumar will help you to align your product strategy with business outcomes and customer impact. She introduces the concept of investing in Key Business Outcomes as part of the product strategy in order to provide an objective metric about which product idea and strategy to pursue. You will learn how to create impactful end-to-end product experiences by engaging stakeholders and reacting to external feedback.
Table of Contents (19 chapters)
Lean Product Management
Contributors
Preface
Another Book You May Enjoy
Index

Visualizing our priorities using a 2 × 2 matrix


A cost-value 2 × 2 matrix is another great tool for visualizing the relative priorities of features.

A 2 × 2 matrix captures the value on one axis and the cost on the other. Together they form two quadrants, which can be depicted as follows:

Typically, the costs are a combination of development effort and technical complexity, while impact is the impact that the feature idea could have on Key Business Outcomes and customer value. However, we now have features already prioritized for us, based on the projected business outcomes represented as a number value. Also, we know that the maximum impact that a feature can have is 5000 (500 × 10, where 500 is the maximum amount that can be invested and 10 is the maximum estimated impact rating), and the lowest is zero.

We can now arrange our feature cards based on their relative impact. We don't yet know the costs associated with building each feature. The following is a representation of our feature...