[Product School] Decision-Making Frameworks for Product Managers

The deck covers several prioritization methodologies (two-dimensional, three-dimensional and multi-dimensional) that can be used as-is if your situation calls for it, or, with some significant adaptations. In my experience, it is quite rare when a framework can be applied 100% to the situation. My recommendation is to use these frameworks as guidance (because none of them are going to be your panacea) to create something similar but more relevant, meaningful and impactful for your product team. Use your company's strategy and vision to create a prioritization formula/framework that reflects what is most important for the organization at this point in time.

Transcript

1. How to Make Better Product Decisions Tools and frameworks to help Product Managers make better decisions Katerina Suchkova Product Coach & Design Thinking Facilitator Sr. Product Manager 15Five
2. Right GOOD decisions == GOOD products BETTER INFORMED
3. Everything is priority == NOTHING is priority
4. Decision Fatigue, Huh?
6. Mental models, as the name implies, are the conceptual models in people’s minds that represent their understanding of how things work. Different people may hold different mental models of the same item. - Don Norman, The Design of Everyday Things
7. Framework is a foundation, broad overview, outline or skeleton of interlinked items which… serves as a guide and can be modified as required by adding or deleting items.
8. The quality of decision making is proportional to the models in our head The bigger your toolbox—the better decisions given matters at hand The more variety—more quality of your thinking
9. Framework types
10. 2-Dimensional 3-Dimensional Multiple • New PM on a team • Complex product • Too many competing features • Many teams involved • Waiting for decisions • Any level of prioritization • Stakes are high • Complexities involved • Help avoid death-march projects • More stakeholders and opinions • Big team, too many weak signals • Customer data • Second level of prioritization • Stakes are higher • Need to move fast • Stay lean • Identify winning ideas quickly • Small team • Lack of detailed customer data • Broad concepts/ideas • First level of prioritization
11. Value/Effort Source: Mind the Product
12. Apples vs Oranges by Gusto Source: Gusto Blog
13. 3-Dimensional Multiple • Complexities involved • Help avoid death-march projects • More stakeholders and opinions • Big team, too many weak signals • Customer data • Second level of prioritization • Stakes are higher • New PM on a team • Complex product • Too many competing features • Many teams involved • Waiting for decisions • Any level of prioritization • Stakes are high • Need to move fast • Stay lean • Identify winning ideas quickly • Small team • Lack of detailed customer data • Broad concepts/ideas • First level of prioritization 2-Dimensional
14. ICE: Impact * Confidence * Ease Idea 1 Idea 2 Idea 3 Idea 4 Source: itamargilad.com
15. Multiple 2-Dimensional • New PM on a team • Complex product • Too many competing features • Many teams involved • Waiting for decisions • Any level of prioritization • Stakes are high 3-Dimensional • Complexities involved • Help avoid death-march projects • More stakeholders and opinions • Big team, too many weak signals • Customer data • Second level of prioritization • Stakes are higher • Need to move fast • Stay lean • Identify winning ideas quickly • Small team • Lack of detailed customer data • Broad concepts/ideas • First level of prioritization
16. RICE: Reach * Impact * Confidence * Effort Reach: how many people will this impact (in an agreed period of time)? Impact: how much will this impact each person? (Massive = 3x, High = 2x, Medium = 1x, Low = 0.5x, Minimal = 0.25x.) Confidence: how confident are you in your estimates? (High = 100%, Medium = 80%, Low = 50%.) Effort: how many “person-months” will this take (whole numbers)? Source: Intercom Blog
17. Product Tree by ProdPad Source: ProdPad Blog
18. Help you make consistently good decisions Minimize biases and natural flaws in human behavior Require you consider information and evidence you otherwise would not Provide strong ground when justifying your decisions to stakeholders Adjustable systems, not a hard rule Collectible tool. The more variety, the better Frameworks
19. Example
20. After many years of non-cooperation, two towns located in different countries several hours apart separated by a wide and powerful river, finally reached an agreement to open up their borders. Now the local governments are trying to figure out how to have people freely move from one side to another. It has never happened before, hence, there are no solutions or infrastructure in place for anything.
21. You are the Product Manager on this high-profile project. You have designers, engineers and quality folks you’ll be partnering up with to find the best solution that fits the budget and meets a deadline.
23. Airport on both sides Boat rack Ferry Bridge
24. Value Effort Value/Effort
25. High Impact Unexpected Gusto
27. Ideas Impact (0-10) Confidence (0-10) Ease (person-weeks 0-10) ICE (I * C * E) Airports 5 6 1 30 Boat rack 5 7 9 315 Bridge 10 10 4 400 Ferry 8 7 6 336 ICE
28. Ideas Reach Impact (0.25x-3x) Confidence (100%, 80%, 50%) Effort (person-months) RICE (R * I * C / E) Airports 20,000 2 80 12 267 Boat rack 200,000 0.25 80 1 4,000,000 Bridge 500,000 3 100 7 21,428,571 Ferry 300,000 2 100 4 15,000,000 RICE
30. Product Tree Cofferdram Slurry drillin Piling Train trucks Train tracks Strong foundation construction Underwater foundation (anti- corrosion) Bridge deck Supporting piers 3-lane highway Pedestrian paths Bungee jumping deck Tourist 360 view deck
31. Frameworks Quick, go-to tools Evidence-based decisions Well thought through options Strong case against opinions, HIPPO and weak signals Drop non-working ideas, find and invest in winning Better products
32. Resources Product Tree by https://www.prodpad.com/blog/product-tree-game/ ICE Framework by Itamar Gilad on Medium Mental Models by Farnam Street Customer Impact vs Customer Expectation by Gusto Blog ICE Framework by Intercom Value vs Effort by Abdy Wicks on Mind the Product “Design of Everyday Things” by Don Norman
33. Thank you!